Two officials of Primary Cooperative Agricultural and Rural Development Bank in Keeranur were placed under suspension on Saturday for alleged irregularities in sanction of jewel loans to the tune of ₹1.08 crore. The gold appraiser has been dismissed from service.
The State government had formed a team to enquire into irregularities in sanction of jewel loans by the cooperative societies and to submit the report by November 20. The bank in Keeranur was also inspected in this regard.
As per records, there should be 934 pouches of jewels valued at ₹3.63 crore. But only 823 pouches were in the bank’s lockers. The remaining jewels worth ₹1.08 crore, supposed to be in 102 pouches, were missing.
Regional Joint Registrar of Cooperatives Societies Uma Maheshwari received the report of the inspection and the keys to the locker. Bank secretary P. Neelakandan, Superintendent N. Sakthivel and gold appraiser N. Kanakavelu were inquired. It was found that ₹1.08 crore was loaned without pledging jewellery. Following this, Neelakandan and Sakthivel were suspended, and Kanakavelu was dismissed from service. Criminal action would be taken against the three, an official source said.
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