Three more co-operative banks and one credit society on the radar
Chhatrapati Sambhajinagar: The economic offence wing is conducting a thorough investigation into the scam of three more co-operative banks and one credit society in the city. A forensic audit of the Adarsh co-operative bank scam has also been proposed to the additional director general of police.
The Adarsh scam first came to light on July 11. This scam was going on for the last 13 years. After the depositors staged a strong agitation, the corruption of the deputy registrar of cooperatives was brought under strict scrutiny. Later, cases were registered against Yashaswini Mahila credit institution, Abha investment and Devai Mahila Nagari Sahakari Patsanstha.
Apart from that, scams in another institution, Dnyanoba urban credit society, are also on the police radar. A separate investigation into the scam of Adarsh bank is also underway and the investigation into the scam of two other co-operative banks is in the final stage. Efforts are on to collect strong evidence.
What is forensic audit
--A forensic audit is a detailed examination of financial records to detect and investigate fraud or financial misconduct. It is a specialized type of audit that is conducted by forensic accountants, who have the skills and experience to identify and investigate financial irregularities.
--In the Adarsh co-operative bank scam, the forensic audit will be used to trace the journey of transactions and collect evidence that can be used in court. The audit will be conducted by one of the 43 members of the state government panel for forensic audits.
--The forensic audit is expected to take several weeks or months to complete. Once the audit is complete, the results will be submitted to the economic offence wing, which will use the evidence to further their investigation and prosecute those responsible for the scam.