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Central Bureau of Investigation to probe fund fraud in Rural Electrical Cooperative Society
The Central Bureau of Investigation will probe into financial fraud took place recently in Rural Electrical Cooperative Society(RECS) at Cheepurupalli in Vizianagaram district. According to reports, RECS is a cooperative body which purchases electricity from AP government at 45 paisa per unit and sells it to customers at higher price.
Cheepurupalli (Vizianagaram): The Central Bureau of Investigation will probe into financial fraud took place recently in Rural Electrical Cooperative Society(RECS) at Cheepurupalli in Vizianagaram district. According to reports, RECS is a cooperative body which purchases electricity from AP government at 45 paisa per unit and sells it to customers at higher price.
The cooperative body is being supervised by the AP government and serving 56,000 domestic customers in Cheepurupalli, Garividi, Gurla and Merakamudidam mandals in the district. The RECS have its own area offices and infrastructure like service stations for transformers. It has around 130 regular staff including engineers, fore-men, linemen and other technicians. The annual turnover of the RECS is Rs 18 crore.
But recently the management has found that Rs 1.7 crore funds were not credited into the account of RECS. After investigation, they came to know that the bank cashier had diverted funds into his personnel account and later the case was transferred to the CBI.
Generally, the bill collectors of RECS deposit the amount daily into account of that firm in Andhra Bank at Cheepurupalli. Their daily collection would be around Rs 5 lakh per day. But the cashier of the bank did not deposit the amount in the account of RECS and diverted them to his personnel account.
This fraud came to light in the recent audit inspection and the management and society has suspended G Sudhakar (manager), G Govindarajulu (junior accounts officer) and two more clerical staff for negligence in duties and for not cross checking the accounts of society. Later they complained to top officials of Andhra Bank and based on that internal vigilance inquiry was conducted.
Finally, they came to know that the cashier was mastermind behind the fraud and now he was transferred to Parlakhemundi branch on promotion. Later the case is transferred to CBI. RECS chairman D Ramachandrudu said, “The bank officials agreed to repay the amount to RECS as the fraud was made by their staff. Even the CBI also conducted inquiry and found that there is nothing wrong with our staff.
But we suspended four of our employees for negligence in discharging duties. We are assured that the amount would be transferred to our account from Andhra Bank soon.”
