Bhubaneswar: Vigilance on Tuesday arrested former Secretary of Anandpur Service Co-operative Society (SCS) / PACS Banki in Cuttack district, for alleged misappropriation of society funds to the tune of Rs 21,28,058.
According to officials, an extensive investigation found that Sarat Kumar Nayak collected loan repayment amounts directly from borrower members of PACS Banki. While he entered the actual collections in the daily transaction ledger or Day Book, he is accused of deliberately manipulating official accounting registers by under-reporting the total collections.
By fabricating less-than-actual figures, he allegedly siphoned off the balance amount of Rs 21,28,058 for personal gain. The act caused substantial financial loss to PACS Banki and to the government exchequer.
In connection with the case, Cuttack Vigilance PS registered a case against him under Section 13(2) read with 13(1)(a) of the Prevention of Corruption (Amendment) Act, 2018, and Sections 409, 467, 468, 471 and 477-A of the IPC. Following his arrest today, the accused was produced before the Court of Special Judge, Vigilance, Cuttack. Further investigation into the matter is underway.
