The Goa State Co-operative Marketing & Supply Federation Ltd has suspended its Managing Director, Kashinath Naik, following allegations of a Rs 5.5 crore fraud involving NAFED and other Federations in Nashik over onion purchases.
The suspension follows instructions from the Registrar of Cooperative Societies (RCS), and a detailed inquiry is underway with the Nashik Police’s Economic Offences Wing.
Naik is accused of defrauding NAFED by purchasing onions at a subsidized rate and selling them at higher prices for personal gain.
The Federation has also flagged another case involving a Rs 1.95 crore financial loss, where no disciplinary action was taken.
