22 Booked for ₹7 Crore MACS Fraud

 Warangal: Police have registered a criminal case against 22 people, including the CEO, president, and directors of Rudrama Devi Mahila MACS (Mutual Aided Cooperative Thrift and Credit Society) Limited, for allegedly misappropriating funds amounting to over ₹7.09 crore in Jangaon district on Wednesday.

The case was filed based on a written complaint submitted by district cooperative officer (DCO) and district registrar of MACS, K. Kodanda Ramulu.

According to the DCO’s complaint, the fraud involved the illegal purchase of 38.21 acres of land in Vadlakonda village between 2018 and 2020. The land was purchased without the approval of the general body and in violation of cooperative society regulations.

The Warangal Cooperative Tribunal recently confirmed financial irregularities, finding that the management and employees had illegally diverted and misused society funds. The tribunal ordered the recovery of the entire ₹7.09 crore, along with 12 per cent annual interest, from the 22 individuals named in the case.

Additionally, the tribunal dissolved the managing committee of Rudrama Devi Mahila MACS Limited for violating cooperative society rules. Divya, Assistant registrar of the cooperative department, has been appointed person-in-charge to oversee the society’s functioning.

The accused include CEO P. Kavitha, president Bandi Vijaya Lakshmi, secretary Gaddam Vijaya Lakshmi, former secretary M. Padma, and several directors and clerks. They face charges of cheating, forgery, criminal conspiracy, and manipulation of accounts. The DCO has sought their immediate arrest, citing the risk of evidence tampering.

In compliance with the tribunal’s orders, officials have seized relevant records, bank documents, and attached the assets of the accused to ensure recovery of the misappropriated funds. Authorities assured members that the society’s regular savings and loan services will continue without disruption, and steps are underway to form a new governing body soon.