RCS recommends CB-CID probe into DCCB irregularities

RCS recommends CB-CID probe into DCCB irregularities
Highlights

An inquiry report on the alleged irregularities in Warangal District Central Cooperative Bank (DCCB) was presented during the bank’s general body meeting held in Hanamkonda on Friday.

Demands civil, criminal and departmental action against DCCB former chairman Raghava Reddy and employees

Hanamkonda: An inquiry report on the alleged irregularities in Warangal District Central Cooperative Bank (DCCB) was presented during the bank’s general body meeting held in Hanamkonda on Friday.

The Commissioner Cooperation and Registrar of Cooperative Societies (RCS) M Veerabrahmaiah has asked Warangal Rural District Collector Prashanth Jeevan Patil to initiate civil, criminal and departmental action against the bank’s managing committee and officials, based on the report.

The Commissioner Cooperation and Registrar of Cooperative Societies (RCS) also recommended a CBCID probe into the irregularities of the DCCB.

The report was submitted by Additional Registrar of Cooperative Societies, G Srinivasa Rao, who is appointed as the inquiry officer to probe into the bank’s affairs in the wake of complaint by Palakurthy MLA E Dayakar Rao and others regarding mismanagement at the bank.

It might be noted that the Registrar of Cooperative Societies in an order on August 18 has ordered the supersession of bank’s managing committee (Board). Collector Prashanth Jeevan Patil was appointed as the DCCB administrator.

Chairing the general body meeting on Friday, the Collector placed the report. The report cited 20 irregularities, which allegedly committed by the bank’s terminated chairman J Raghava Reddy in collusion with 21 others of the managing committee.

The inquiry officer recommended criminal action against former chairman Raghava Reddy, members of the managing committee, the DCCB CEO R Yadagiri, DGM S Madhu, and also suspension of the CEO DGMs Madhu, G Sravanthi, and Srinivas.

On the other hand, the DGMs Madhu and Sravanthi have to be reverted to the cadre of AGM. Importantly, the inquiry officer recommended recovering of the entire misappropriated from the ex-chairman and employees.

The report stated that the ex-chairman resorted to coercion in getting loans illegally. It was also recommended to cancel several bank loans, vehicle loans issued to several individuals including the ex-chairman Raghava Reddy and to review the ongoing construction works approved by the managing committee.

The bank administrator Jeevan Patil informed that a profit of Rs 494.11 lakhs was earned during the period 2016-17. A month’s salary would be given an incentive to those on the pay rolls as an August 31, 2017. The budget proposals for the year 2017-18 were approved at the general body.

Meanwhile, Raghava Reddy expressed doubts over the inquiry report and objected actions recommended by the inquiry officer. He claimed that he and the managing committee have made efforts to bring the bank out of losses. He alleged that he was being targeted by TRS leaders because of political vendetta.

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