- Around Rs. 4 Crore Unaccounted
- Savings Vanish After Retirement
- Cooperative Society Under Scrutiny
- Interest and Deposits Unpaid
- Accountability Remains Elusive
Article Today, Rajahmundry:
Retired employees of the Andhra Paper Mill in Rajahmundry say their financial security has collapsed after deposits made in a cooperative society became inaccessible. Money saved over decades of service, meant to support life after retirement, has allegedly vanished. As a result, several retirees say they are struggling to meet basic needs despite repeated appeals to authorities.
Deposits Made in Trust
Employees who served the mill for 30 to 40 years deposited their provident fund and gratuity amounts in a registered cooperative society bearing number 1426. They say they were promised regular interest and safe returns. However, since November 2023, neither interest nor principal has been paid. Retired employees M. Somaraju, Venkateswara Rao, and P. Uma Maheswara Rao revealed these details at a press conference held in Rajahmundry.
Rs. 4 Crore at Stake
According to the retirees, nearly 120 former employees deposited about Rs. 4 crore in the society. When they approached members of the governing body, they were told that the mill management had stopped financial contributions. However, when they contacted the management, they were informed that fraud within the society was responsible. Meanwhile, records have not been produced, deepening suspicion and mistrust.
Responsibility Evaded
The retirees allege that the mill management has distanced itself from the issue, claiming it has no role in the society’s operations. At the same time, they say no action has been taken against those who managed the cooperative. Therefore, they argue that institutional silence has enabled the problem to persist without accountability.
Political Shadow Over Inquiries
The retirees state that earlier probes into the alleged irregularities failed to yield results. They claim that the society’s office-bearers secured court stays that stalled inquiries. Representations made earlier to former MP Bharat and later to MLA Adireddy Vasu after the change in government did not lead to any resolution. Consequently, they believe political backing has shielded those responsible.
Administrative Apathy Alleged
For nearly two years, the retirees say they have been approaching the District Collector and officials of the Cooperative Department. However, they allege that official inaction has prolonged their hardship. Meanwhile, advancing age and rising expenses have intensified their distress.
Demand for Immediate Relief
The retirees have urged the government to intervene without further delay and ensure repayment of their deposits. They warned that if their demands are ignored, they would intensify their agitation. In their view, denial of justice to retired workers reflects a serious failure of oversight in institutions meant to protect public savings.
