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.