Since the society lacked proper records, the report was prepared by the investigating officer with information gleaned from the affidavits submitted by depositors. The report reveals that the perpetrators transferred depositors' funds directly into their own accounts without recording them in the society's register. Though fixed deposits amount to ₹222.47 crore, this amount is missing from the society's accounts as the accused misappropriated the funds.
As many as 13 methods were used to cause these losses amounting to crores. The report highlights irregularities carried out by employees using fake loans, chit fund frauds, and other malpractices.
This story is from the December 23, 2024 edition of The New Indian Express Kozhikode.
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This story is from the December 23, 2024 edition of The New Indian Express Kozhikode.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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