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State Cooperative bank isheavy with scams and no scope for recovery due to official support from powerful groups

State Cooperative bank isheavy with scams and no scope for recovery due to official support from powerful groups

Bhubaneswar,02.02.2017 (By Biswaranjan Mishra)-Odisha State Cooperative Bank is in a big mess. The present MD with support from top beurocrats of the power centre is the chief architect and engineer of several scams . Software worth 140 crores has been purchased from unknown and inexperienced farm without involving OCAC which is not workable. The claim of giving effective Kissan Credit cards is a hoax. Commuters worth 50 crores has been procured at double the price without proper quotations. The bank is able to get around 300 crore interest subsidy and subvention for giving agriculture loans from central and state Government. But in practice only papers transaction are made for credit delivery to claim interest subsidy from State and Central Government.Mobile banking ended with procurement of vehicles. Bank has lost 33 crores due to improper and malafied investment when the present MD was in charge of investments.With regard to Bijayananda Sugar factory the ex- president was jailed but the MD of the bank was rewarded by giving two extensions. The MD is able to stay for two terms after retirement without getting permission from the statutory authorities. To protect all the scams he has given illegal extension to other retiring staff and there by has caused a loss of 100 crores to the Bank.Like other Coop institutions OSCB may fall into a death trap. But the departmental officials and the Minister seem to be helpless to take any action against the MD Tushar Panda which is revealed by the attached letters from the Minister Cooperation and letter from leader of opposition. Some senior power officials of the State Government are major beneficiaries of the scams who are able to manipulate the situation in favour of the present MD. Any inquiry into the accounts of the suppliers will, reveal the truth. It will show how hundreds of crores of kickback has been paid to the officials.

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