NT Reporter
Panaji
Fraud cases across cooperative banks and societies in the state have collectively involved over Rs 50 crore, with several cases still under investigation, recovery, or pending before courts, government data has revealed.
The largest fraud has been reported at Mashel Mahila Cooperative Credit Society, Marcela-Ponda, where irregularities spanning 2009–2019 amount to a staggering Rs 18.18 crore.
A dozen staff and management members have been held responsible, with a misfeasance case under way and a criminal probe being processed by the Economic Offences Cell.
Another major case involves Ashtagandha Urban Cooperative Credit Society in Bardez, where fraud worth Rs 11.28 crore, reported in 2023–24, is
under investigation.
Similarly, Visionaries Urban Cooperative Credit Society in Salcete has reported multiple frauds totalling over Rs 11 crore across different audit periods, with FIRs filed and cases pending trial or reinvestigation.
According to the information provided by the Department of Cooperation in the legislative assembly, significant irregularities were also reported in the Goa State Cooperative Marketing and Supply Federation (Rs 1.95 crore), Sada Urban Cooperative Credit Society (Rs 1.24 crore), and Mashel-linked institutions, among others.
In Ponda taluka, multiple societies, including Curti Khandepar Urban Cooperative Credit Society and Maharashtra VKS Society, have reported frauds, though of comparatively smaller amounts ranging from a few lakhs to over Rs 22 lakh.
These cases remain under misfeasance proceedings or inquiry under the Goa Cooperative Societies Act, 2001.
Several other societies, including those in Quepem, Sanguem, and Canacona, have reported frauds ranging from a few thousand rupees to over Rs 50 lakh.
In most of the cases, FIRs have been filed by auditors or authorities, while some remain pending due to procedural delays
or low amounts.
The data also revealed that the Goa Urban Cooperative Bank has reported multiple individual fraud and theft-related cases in 2024–25 alone, including one as high as Rs 60 lakh, with complaints filed at various police stations and internal disciplinary actions initiated.
Despite the scale of irregularities, recovery of funds remains slow, with many cases stuck in courts, tribunals, or under inquiry.
Authorities have initiated misfeasance proceedings, civil suits, and criminal complaints, but final resolution and recovery continue to face delays.
