Maharashtra State Co-operative Minister Subhash Deshmukh has said that the government has decided to act against 1,069 directors and officials of various co-operative banks and societies. These co-ops are accused of swindling hard-earned deposits of members.
Assuring in the House that protecting deposits of people is govt’s job Deshmukh said action against guilty would include lodging of police complaints and seizing of their assets to recover Rs1,670.9 crore.
According to a report these bankrupt co-op societies which have been now closed down were mostly run by politicians. More than 2,000 auditors to audit all these banks and societies have been put on the job, he added.
About 73 co-operative banks and 147 societies were found to be involved in misappropriation of money, Minister said in the House.