700cr fake bonds scam in Nellore

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An unauthorized person allegedly took huge amount of loans from the State Bank of India Employees Mutually Aided Cooperative Credit Society using fake deposit bonds.

This came to light on Saturday after an investigation launched by the district cooperative officials.

After a complaint lodged by the society’s members, District Cooperative Officer D Rajeswara Rao ordered an investigation by audit officials, who had already submitted their report confirming massive irregularities ever since the society was converted into a MACS society in 2009.

Though Rajeshwara Rao said the process for recovering the misappropriated funds had already been initiated, it was too early to say how much money was involved.

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