Silk Weavers Sentenced: Major Fund Embezzlement Uncovered

Eight officials from the Integrated Silk Handloom Weavers’ Cooperative Society have been sentenced to 21 years each for embezzling Rs 1.15 crore from a loan intended for the silk handloom industry. The Vigilance Court in Thiruvananthapuram found them guilty of fabricating documents to siphon off funds.

The Vigilance Court in Thiruvananthapuram delivered a verdict on Saturday, sentencing eight officials to 21 years of rigorous imprisonment each for their involvement in a significant fund embezzlement case.

The accused, including the president and secretary of the Integrated Silk Handloom Weavers' Cooperative Society, were found guilty of misappropriating Rs 1.15 crore from a Rs 2 crore loan sanctioned by the National Cooperative Development Corporation for the development of the silk handloom industry.

The investigation conducted by the Vigilance and Anti-Corruption Bureau (VACB) revealed that the officials fabricated documents, manipulated membership registers, and created fake purchase records to siphon off the funds. The court ruled that the sentences could be served concurrently, imposing fines totaling Rs 1.17 crore as well.

(With inputs from agencies.)