Koraput Central Co-operative Bank manager suspended in Rs 1.07cr financial scam

Koraput: Subhendu Khara, the former branch manager of a Koraput Central Co-operative Bank at Malkangiri, has been suspended following detection of a financial scam involving more than Rs 1.07 crore, officials said.

Confirming the action, deputy registrar of cooperative societies (DRCS) Theophil Sabar said the suspension was ordered on Wednesday after a high-level inquiry revealed serious irregularities.
“The manager was placed under suspension immediately after preliminary findings established misappropriation of funds. A detailed investigation is underway,” he said.

The scam came to light during the March financial closing when discrepancies were detected in accounts linked to Malkangiri and Poteru LAMPS (Large Area Multi-Purpose Cooperative Societies), which regularly transact through the Koraput Central Co-operative Bank of Malkangiri.

According to sources, the Malkangiri LAMPS branch in-charge allegedly handed over Rs 77 lakh directly to Khara instead of depositing it through proper banking procedures. In return, he reportedly issued a fake receipt. Similarly, the Poteru LAMPS in-charge is said to have handed over Rs 8.10 lakh initially and later Rs 21.95 lakh to the manager, bypassing the cashier.

The irregularities prompted the DRCS office to initiate a probe, which revealed that the funds had allegedly been diverted for unauthorized purposes.

Following the findings, senior officials from Koraput along with the newly appointed branch manager lodged a complaint at Malkangiri police station. “More details on the matter can’t be divulged at the moment as it is under investigation,” said Sabar.

The district has four Koraput Central Co-operative Bank branches located in Malkangiri, Mathili, Kalimela, and Korukonda, each handling transactions of different LAMPS. However, the irregularities surfaced in the Malkangiri LAMPS accounts.



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