Gwalior: The Madhya Pradesh government’s aim to provide loan at cheap rates through the Cooperative banks to the farmers seems to be withering in the state due to the several scams reported in the last few years.

It can be gauged from the fact that property over Rs 5 crore has been recovered from the possession of a Cooperative Bank Manager Balbhadra Parashar whose monthly payment is a mere Rs 5,000.

Massive scams have been reported from loan bailout scheme. Five years back, a scam worth Rs 6 crore had been unearthed at central cooperative bank branch in Gwalior. A case had been filed against 38 persons in this regard.

Similarly, scam worth Rs 1 crore has also been detected in the Gadrauli cooperative society. The Economic Offence Wing has started probe into the functioning of Primary Agriculture Credit Societies (PACS).

The alleged nexus between politicians and the cooperatives bank manager will also be investigated.