Fraudulent transactions involving a little more than 17 crore rupee have come to light in the Rourkela branch of Sundergarh district central cooperative bank.
According to Odisha cooperation minister B.K.Arukh, the authorities concerned have been instructed to investigate the alleged fraud without delay.
Sources say several employees including an ex-secretary of the bank are supposed to be involved in the dubious transactions. A special audit check of the bank’s transactions spanning several years revealed misappropriation of funds, sources add.
Mr Arukh said at least two ex-employees who held important positions in the bank are suspected to have embezzled huge funds.
A source familiar with the cooperative affairs in Odisha says there seems to be a jinx on the state cooperative banks in the state. Earlier former president of the Odisha state cooperative bank Mr.Jagneshwar had been arrested for indulging in fraudulent transactions, source mentioned.