The loan scam tainted Government Secretariat Employees Housing Cooperative Society in Kerala has been put under an administrator following the dissolution of the administrative committee, reports The Times of India.
This happened because an investigation found unassailable evidence of massive fund misappropriations. It was found that the society was defrauded of about Rs. 2 crore.
The society’s secretary sanctioned loans based on fake documents to scores of people. The scam came to light when a colleague took interim charge during his absence from office.
The police is investigating the matter not only in regard to the accused who has absconded but also the disappearance of crucial files that would reveal the wider dimension of the fraud.