CHENNAI: The officer probing the misappropriation of funds to the tune of Rs 30 crore in the Kancheepuram Central Co-operative Bank has been directed by the Madras High Court to appear before it on June 12. A Division Bench of Justices K K Sasidharan and R Subramanian, who gave the directive, also told the ADGP of the Economic Offences Wing to produce the entire records relating to the case on that date.Staying all further proceedings in the case pending before the Judicial Magistrate-I, Poonamallee, the Bench directed the Magistrate to forward the entire case file to the Bench immediately. The Bench was passing interim orders on an appeal filed by one T K Babu on Monday.
The Bench observed that this appeal was really an eye-opener about how public funds of banks were misappropriated by the employees, in collusion with authorities. The material records were burnt in a fire accident. The National Bank for Agriculture and Rural Development has suspected that the fire was the creation of the accused for destroying the evidence.
The police appear to have investigated the case about fraudulent acts without showing any sense of seriousness. There was no police probe into fire and whether it was the handwork of the accused. “We are of the view that the entire records and the police reports must be verified before taking further action in the matter,” the Bench said.