Roopali
This is ganesh member of one credit coop society; I want clarification on the case of cooperative society. The society changed its earlier auditor and following things happened
1) society got audit ‘grade a’ from ‘grade c’.
2) society gm cheated with members with consecutive
4 year maintained above 80 lakhs cash in hand with not a single time deposit in dcc bank in last 4 yr, this amount is on books but not physically available in society. Auditor not checked single time cash verification at the time of audit and he signed audit report every year and all managers and cashier also not signed daily cash verification report single time in last 4 year, gm confessed after long period and he paid cash in dcc partially from personal bl… money and from fake account which he had maintained in society.
3) gm and bod sanctioned loan to gm’s friend 3 years back and they have taken bad debts provision next year of sanction without any communication to members in agm. Now it is identified amount is in million.
4) gm maintained one fake account which is not fulfilling rules of kyc. He parked unpaid dividend and fraud amount in this account, credit transaction in million, he closed this account to paid misappropriation amount
I C Naik
File an FIR against the board for mis-governance. You must form a powerful group of members to fight the menace. Laws are there to help them who come forward. Because in cooperatives everybody wants benefit but few work. So there is temptation for few of those few to fool the rests.
