Udupi: Manager and Staff of Kavadi Co-operative Society Branch Booked for Multi-Crore Misappropriation
Udupi: Authorities have initiated legal proceedings against the branch manager and a staff member of the Kavadi branch of Shiriyara Seva Sahakari Sangha, a local co-operative society, following the discovery of a significant financial misappropriation. The alleged fraud is estimated to be in the crores of rupees, prompting a thorough investigation by law enforcement.
The case was registered after a discrepancy was detected in the branch accounts during a routine handover process. According to official reports, Suresh Bhat, the branch-in-charge manager, and Harish Kulal, a junior clerk, were transferred to a different branch on November 5th, as per a decision made by the Sangha’s administrative board. Upon assuming responsibilities from Suresh Bhat, the newly appointed manager, identified as Rama, discovered a shortfall of approximately Rs 1.70 crore in the Kavadi branch’s financial records.
Subsequently, Rama, in conjunction with the Sangha’s Chief Executive Officer and other office personnel, conducted a comprehensive audit of the branch’s accounts. The inspection revealed that the aforementioned sum, approximately Rs 1.70 crore, had allegedly been misappropriated. These findings were formally documented in a police complaint, leading to the registration of the case.
Further investigation uncovered additional irregularities. It was revealed that Harish Kulal had previously secured a loan of Rs 21 lakh from the Kavadi branch, pledging gold ornaments as collateral. However, upon verification, the pledged gold was found to be missing from the branch’s vault. Law enforcement officials suspect that Suresh Bhat and Harish Kulal acted in collusion, betraying the trust placed in them by the organization and defrauding Shiriyar Seva Sahakari Sangha of a substantial amount.
The Kota Police Station has officially registered the case, and a detailed investigation is currently underway to ascertain the full extent of the misappropriation and to determine the involvement of other parties, if any.
