Team Herald
PANJIM: Following allegations of misappropriation of funds, the government has restricted operations of the Maharashtra VKSS Society Ltd, Gokulwadi, Sanquelim.
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The order was issued by the government says that accounts of the society for the year 2017-18 have been audited by B Y Sawant, has pointed out misappropriation of the fund of the society amounting to Rs 32,62,294 during the period under audit.
However, secretary of the society informed that other then above misappropriated amount, the society has also found discrepancies in saving bank accounts of the members and requested this office to conduct re-audit of the said society for the period from 2017-18 to ascertain the actual misappropriated amount in the funds of society.
Following this, the Registrar of Co-operative Societies appointed G R Shanbhag, Chartered Accountant, to conduct re-audit of the society’s accounts, who has found that all the staff of Maharashtra VKSS Society Ltd, with common intention hatched criminal conspiracy, alleged to be misappropriated gold ornaments pledged to the society by fraudulently removing the same from the societies lockers and thereafter mortgaged the same with other financial institutions/banks and obtained gold loan for their wrongful gain.
The concerned chartered accountant also informed this office that there exists lot of manipulations, scribbling in the figures in saving bank account and is very difficult to locate it properly. The daybook, the cashbook and general ledger do not match with the figures due to alterations. The society has maintained fixed deposit account however some of the fixed deposits do not match with the documentary evidence.
There are major irregularities in the payments of electricity bill and the figures of daybook and cashbook does not tally.
Due to misappropriation, the affairs of the society has reached to a standstill stage and the society is facing constraints to meet with the demands of its depositors and gold loanee members.
The notification says the society shall stop collecting all types of fixed deposits, all types of bills such as electricity, water etc, shall not make any advances to any individual member until further order.
The society has been asked to recover misappropriated amount and gold ornaments fraudulently mortgaged with other financial institutions/banks, from the alleged persons.
