Shady deals involving embezzlement and backdoor appointments have surfaced in Central Cooperative Bank, Baramulla and the J&K government has formed a two member inquiry committee to investigate the matter, reports Kasmir Times.
The govt had long been exercised over the matter and finally the secretary cooperatives department shot a letter to the registrar cooperative societies.
Pursuant to the letter, the registrar cooperative societies issued an order appointing a two member committee to enquire into the complaint within 10 days.
As per the complaint, 73 persons were engaged as contingents/consolidated employees in the bank against an illegal gratification of Rs 2 lacs each. Besides, there are allegations of massive embezzlement of funds by the employees. The total amount defrauded is Rs. 7.28 crore.
Independent sources say no inquiry could prove anything unless the managing director is removed from his position.