Rs 2.7 crore funds in Vardhan Cooperative Society misused: SP Ch Sudheer Kumar Reddy

Kurnool: Superintendent of Police (SP) Ch Sudheer Kumar Reddy said that misuse of public funds on a large scale taken place in Vardhan Multi State Cooperative Society Limited. Addressing media persons at Ved Vyas Auditorium over the arrest of accused and verification of society records here on Saturday, the SP said that several people have lodged complaints over misuse of deposits in Vardhan Multi State Cooperative Society Limited.

Atmakur police have filed a case on the society under sections 120b, 420 r/w 34 IPC, 5 APPDFEA and taken up investigation, the SP added. During investigation, it has come to light that the Society members have collected Rs 3.63 crore from the depositors of Atmakur, Kothapalli, Pamulapadu, Velugodu, Bandi Atmakur, Gadivemula, Mahanandi, Dhone and in Kurnool mandals. The Society was started by Jagatap Mahesh alias Nani alias Joshua, a resident of Yemmiganaur.

Of the total collected amount, a sum of Rs 2.7 crore was misused, the SP said after verifying the society records. Of the total misused amount Mahesh has taken the lion's share and Rs 20 lakh was taken by one Balanna. Based on the evidence, the police took Balanna into custody. The SP further said that Balanna would be produced in the court for initiating further action. It has come to know that Mahesh is possessing own properties.

Initiatives would be taken to recover the properties under Protection of Interest of Depositors Act 2018. Simultaneously the police would file a petition in the court urging to take Mahesh alias Nani alias Joshua into police custody for questioning about the transactions, stated the Superintendent of Police.