Registrar Cooperatives recovers Rs 53m embezzled money

Islamabad—Islamabad Capital Territory (ICT) administration has claimed an improvement in working of housing societies as Rs 53 million of embezzled amount have been recovered by the Registrar Cooperatives and possession of 71 plots have been handed over to members during last one year through spontaneous complaint management system.
According to a statement issued, the spokesman of ICT administration claimed that working of housing societies has been improved as a result of reforms.
He said that Circle Registrar, Co-operative Societies Islamabad has introduced 2nd phase of reforms in the Co-operative Department Islamabad to ensure transparency in the financial matters of co-operative housing societies working in Islamabad and curb corrupt practices in cooperatives.
In this regard, he said Registrar Cooperative Societies ICT has issued guidelines for the auditors and managing committees under the Cooperative Societies Act 1925, in order to make audit of cooperatives societies mandatory through auditors declared credible by Institute of Chartered Accountants of Pakistan.
He said they will ensure to verify the veracity of financial transactions and business of a society being conducted according to cooperative principles and bye-laws strictly followed.
In case the auditor is found guilty of conniving with the managing committee by concealing or tampering any information, such auditor shall be black listed and legal action be initiated against him under intimation to ICAP.
Similarly if the managing committee of societies failed to follow the guide lines, action against these societies shall be taken under the said Act wherein an imprisonment can be given to defaulter from 6 months to 3 years.
The Cooperative Department, he said, also introduced a number of reforms during last year following directions of Chief Commissioner Islamabad and official web portal of the department was launched (
He said that online complaint system was also launched and societies were directed to upload audit voter list etch on their websites. Regular inspections have been started while training courses for the office bearers of societies are underway. —APP

Share this post

    scroll to top