Nishikant Khajuria
JAMMU, Aug 3: On the direction of Minister for Cooperatives Dr Manohar Lal Sharma, the Registrar Cooperative Societies has ordered a probe into alleged irregularities and misuse of depositors money in the Citizen’s Cooperative Bank Limited Jammu.
The inquiry has been initiated on the complaints of some Directors of the bank against the CCB management higher-ups comprising the Chairman, Vice-Chairman, Managing Director and Chief Manager, authoritative sources informed the Excelsior.
The time-bound inquiry will be conducted by Deputy Registrar Audit Vikas Verma who has been asked to investigate the matter and submit a detailed report to the Registrar within days for further action, sources added.
In their complaint to the Registrar, Minister for Cooperatives and the Chief Minister, the CCB Board members have alleged illegal promotion on non-existing post of General Manager, wasteful expenditure on purchase of new vehicles and manipulation in annual results of last financial year by the Citizen’s Cooperative higher ups.
According to the sources, the annual results of the bank for the last financial year were allegedly manipulated by providing partial interest on deposited money under saving accounts and fixed deposits, not taking into account major expenditures, charging the partial depreciation on SFF etc.
No interest was provided on over due FDRs, CCRs, R/Ds in all the CCB branches and counter for 2012-13, saving accounts of Janipur Extension counter for September to November 2012 and saving accounts of the parties of computerized branches and counter for March 2013, sources explained.
Factually, the annual result of 2012-13 is not Rs 10 lakh profit but a big loss of Rs 80 lakh and above, sources added while quoting one of the Directors of the Citizen’s Cooperative Bank.
Notwithstanding the poor financial condition of the bank, the top management of CCB resorted to wasteful expenditure worth lakhs of rupees and also affected illegal promotions besides approval for new revised grades of MD and GM whereas grades of all employees of the bank are still unrevised for the last more than 10 years.
Misusing the bank money, two Bolero made luxurious vehicles were recently purchased for personal use by the General Manager and Managing Director without seeking approval of the elected Directors besides wasteful expenditure on renovation of the Chairman’s office.
When contacted, the Registrar Cooperative Societies Sudershan Sharma confirmed that an inquiry has been initiated into the alleged irregularities in the Citizen’s Cooperative Bank on the complaint of some Directors. “Deputy Registrar (Audit) Vikas Verma has been asked to conduct the inquiry and submit a detailed report possibly within seven days,” he added.
The Minister for Cooperatives Dr Manohar Lal Sharma told the Excelsior that no one would be allowed to misuse the bank depositors’ money and necessary action will be taken if anything is found wrong.
Pertinent to mention here that the new management had taken over the bank control following election of Directors in October last. Previous management of the bank was removed by the Government following numerous complains of financial irregularities.
Meanwhile, sources said that more skeletons are likely to come out of cupboard as three Directors of the bank have sought branch wise information of each Manager regarding the advances, loans sanctioned and recommended between financial years 1996 to 2012-13.
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