The Comptroller and Auditor General (CAG) has spotted major irregularities in the loan account of the Cooperation Department in Kerala, a news outlet reports.
The CAG’s report on the state finances for the year 2015 said the audit had observed that the Department’ loan balance (Rs 293.06 cr) was Rs 201.68 crore less than the figure(Rs 494.74 cr) in the Finance Accounts. The CAG has also noticed certain anomalies in the maintenance of loan account by department.
An amount of Rs 125.53 crore was sanctioned as interest free loan to Kerala State Agricultural and Rural Development Bank during 2010-11 to clear the guarantee commission due from the bank to the government.
The CAG report says in order to have a proper record of assistance given to the apex and federal societies, detailed accounts were to be maintained.