Over Rs 5.85 crore in member deposits remain unpaid by Panapana Service Cooperative Society (SCS) in Odisha’s Balasore district due to alleged financial mismanagement, reports the New Indian Express.
Following an inquiry, the Registrar of Cooperative Society urged the state government to hand the case to the Economic Offence Wing (EOW). Only 27.52% of the dues are backed by actual investments.
Criminal and departmental actions have been initiated against the officials. The report highlights unauthorized withdrawals, collusion with bank staff, and halted transactions since 2019–20, leaving depositors without refunds and loans in default.
