Officials from the office of the Registrar of Cooperative Societies have begun a probe into allegations that the president and secretary of the Primary Agricultural Cooperative Credit Society at O.K. Chettipalayam misappropriated six kg of gold jewellery that was pledged at the society by about 200 members for obtaining loans.
Deputy Registrar of Cooperative Societies, Coimbatore Region, P. Gowraraju told The Hindu that the inquiry was conducted by an investigation officer in the rank of Sub Registrar. It began on Saturday after about 100 persons who had pledged their jewellery to obtain loan staged a road blockade on Friday alleging foul play by the said office bearers.
They claimed that the persons took a major share of the jewellery from the credit society’s locker and re-pledged it in another financial institution.
Mr. Gowraraju said that an inquiry has been ordered under section 81 of the Co-operative Societies Act 1983.
He said that the locker keys were with them and now that the locker needs to be opened for ascertaining the value of jewellery in it.
The Deputy Registrar said that the members of the society will be individually summoned for inquiry. The report will be submitted to the Joint Registrar of Cooperative Societies. Based on the outcome the documents will be handed over to the Commercial Crime Investigation Wing CID Police to initiate action against those found guilty.
In a press release, the Deputy Registrar assured that steps are under way to return jewellery to persons who repaid the loan and that the interest of the investors and depositors will be protected.
Meanwhile, a complaint has been preferred with the Chettipalayam Police.
