Relievement of MCDCC Bank MD stayed

Relievement of MCDCC Bank MD stayed

September 9, 2018

Mysuru: The Joint Registrar of Co-operative Societies Court on Friday, stayed the relievement of MCDCC Bank Managing Director Lingannaiah from the post.

Lingannaiah, as MCDCC Bank MD, had unearthed a huge misappropriation of funds scam involving crores of rupees in Bilikere and Hunsur branches of MCDCC.

Following reports on the scam, the MCDCC discussed the issue at a meeting held on Sept.4, during which the Bank decided to relieve Lingannaiah as MD. Following the decision, Lingannaiah was relieved as the Bank MD, without serving any notice.

Upset over the relievement of Lingannaiah, some of the Bank Director including C. Basavegowda and G.D. Harish Gowda knocked on the door of the Joint Registrar’s Court which on Friday stayed Lingannaiah’s relievement.

Meanwhile, Mysuru District in-charge Minister G.T. Devegowda raised the MCDCC Bank scam issue during Thursday’s Cabinet meeting at Bengaluru.

Devegowda is said to have apprised CM Kumaraswamy on the scam involving crores of rupees, following which the CM has sought a report on the scam.

Acting on the CM’s direction, the Co-operation Department officials are said to have visited the Bank and gathered information about alleged misappropriation of funds. The officials are likely to submit a report to the Government in this regard on Monday, it is learnt.


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