Feb 21, 2018

Massive frauds at 2 cooperative thrift societies Featured

Chairman of Wattegedara cooperative thrift and credit society, Nandasiri Vinodahewa, has been remanded until March 02 over an alleged fraud of Rs. 35 million.

He was produced before Nugegoda chief magistrate Y.R.B. Nelumdeniya under the public property act.

The lawyer for the accused told the court that the manager, not the chairman, had the responsibility in the society.

According to the lawyer, the accounts of the society had not been audited for 10 years.

Kotikawatte society too, similarly accused

Meanwhile, a cooperative department spokesman told Sri Lanka Mirror that the chairman, directors and the manager of Kotikawatte cooperative thrift and credit society too, would be investigated over a fraud of nearly Rs. 500 million.

There have been reported the western provincial cooperative development commissioner has failed to submit the 2015 audit report for this society.

A spokesman for the commissioner said the manager of the society was intentionally avoiding handing over the details required to complete the audit.

The spokesman said an inquiry would be held into the arising issues.

The cooperative development commissioner’s department reportedly focuses on multipurpose cooperative societies, but not on cooperative thrift and credit societies.

As a result, similar frauds are taking place in other cooperative thrift and credit societies as well, reports say.

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