(Siasat News) M/s Prem Gopal and Co. Chartered Accountants in their report have pointed out many irregularities in term deposit accounts of Minorities Finance Corporation. As per the term deposit ledger, the amount deposited is Rs. 1,27,91,00,000 but during inspection a difference of Rs. 45,45,567 was found. Despite written application, branches of Vijaya Bank at Bandlaguda and Kothi didn’t confirm the amounts of term deposits. There is no entry of the term deposit of Rs. 13,329.
In their report, the Chartered Accountants have mentioned that there is no policy of investing money in term deposits. There is no resolution empowering the Managing Director to invest amounts in term deposits. Managing Director didn’t inform the Board about the details of amounts invested in term deposits. Renewal of term deposits was done by Accounts Officer whereas the authority to affix signatures rests with Managing Director. There are instances wherein, excess interest was collected from the banks.
It is very surprising that no amounts were deposited in the Nampally branches of Vijaya Bank, Corporation and Andhra Bank from where the amounts of scholarships are paid to the students. During the past two years, Finance Corporation invested Rs. 80 to Rs. 100 crore but no reasons were given for transferring these deposits from one bank to another.
The report indicated that as per Govt. rules term deposits should not be kept in more than three banks but the Minorities Finance Corporation invested term deposit amounts in 9 banks and 28 saving bank accounts were found in 8 banks.
As per the Govt. orders, any department investing amounts in banks should inform the Finance Department before 10th of every month. These details were not furnished to Finance Dept. for the past two years.
It is reported that the persons who violated these rules would be indentified and recommendations would be made to Govt. for takig necessary action. Govt. is awaiting the enquiry report of Finance officials which is expected to be submitted by 25th of this month.
Both these reports would be reviewed by the Dept. of Minorities Welfare in due course and action would be taken accordingly.
–Siasat News–