Tamil Nadu

Rs. 4.45 cr swindled in three PACS


Case filed against six office-bearers; all suspects absconding

Commercial Crime Investigation Wing has registered three cases of cheating against office-bearers of three primary agricultural cooperative societies (PACS) for misappropriation of funds in the range of Rs. 69.57 lakh to Rs. 1.95 crore. None of the accused has been arrested as all of them have been absconding after officials of the Department of Cooperation started enquiries into complaints.

The complaints were lodged by Deputy Registrar Ravindran, based on a report filed by a team of officials, who conducted enquiries and verified the documents in the societies in Veppankulam, Pattamangalam and Alagapuri in the district. The total amount misappropriated was estimated at Rs. 4.45 crore.

The police said the office-bearers created fake gold loan accounts and misappropriated money without having deposited gold jewellery in the societies. Similarly, they forged documents as if gold pledged by genuine borrowers had been taken back on repayment of loans, and deposited them in other financial institutions.

The police had booked the secretary, A. Rajinikanth, and the president, Ravichandran, of Veppankulam PACS for criminal breach of trust, forgery and falsification of accounts, Inspector of Police S. Ganeshdass said.

The two had been charged with siphoning of Rs. 69.57 lakh from the society between September 2014 and March 2016.

In the second case, the secretaries, R.S.R. Venkatachalam and Krishnasamy, of Pattamangalam PACS, had been charged with misappropriation to the tune of Rs. 1.95 crore in August 2016.

In the third case reported in Alagapuri PACS, the police had booked the secretary, R. Muniyandi, and the president, Muthuraj, for allegedly swindling Rs. 1.81 crore in August 2016.

The cases would be investigated by the Deputy Superintendent of Police, CCIW, Tirunelveli, he added.

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Printable version | Dec 9, 2019 8:40:58 PM | https://www.thehindu.com/news/national/tamil-nadu/Rs.-4.45-cr-swindled-in-three-PACS/article14628924.ece

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