Subathu co-op members protest over ‘embezzlement’ of Rs 18 crore

Solan, June 25

Alleging embezzlement of funds amounting to Rs 18 crore, members of the Subathu Urban non-agriculture loan and saving cooperative society today took out a protest march after being told that the society had incurred losses at its annual meeting held in Subathu today.

Crores disbursed

Society members said loans worth crores were disbursed without proper verification. These have not been recovered by the society, which has about 2,000 members

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Irate members objected to the fact that they had not been apprised of the losses earlier when they were crediting money into the society every month. They blamed chief promoter Sushil Garg for the ordeal as they faced uncertainty about their savings.

A woman member rued that she had been continuously crediting money into her account since the last seven months. Had she been informed that the society was incurring losses, she could have stopped crediting money.

Members claimed that they had been cheated, questioning how the society incurred losses when it was yielding profits the previous year. They took out a protest march in the market carrying an effigy of Sushil Garg. The women held placards demanding their money back. The police, however, prevented the members from burning the effigy to avert further escalation of the situation.

The members also asked why those who had been disbursed loans were unable to pay back and why they had not been served notices for recovery.