A section of shareholders of three Tirthahalli-based cooperative societies, currently under government-ordered inquiry, has thanked Chief Minister Siddaramaiah and the State government for heeding their complaints and ordering an investigation into the alleged irregularities.

Speaking at a press conference here on Monday, shareholders Annapurna Javali, Kaneena Kadidal, Devendra Keerthi and others welcomed the government’s decision and expressed hope that the inquiry would bring the truth to light.

The State government recently ordered inquiries into alleged financial irregularities in three societies- the Sharavathi Credit Cooperative Society, the Samruddhi Horticulture Produce and Sale Cooperative Society, and the Sahyadri Multi-Purpose Arecanut Growers Marketing Cooperative Society- appointing a separate inquiry officer for each.

The action follows complaints from shareholders alleging that the societies had accepted blank cheques from loan applicants and compelled them to sign blank stamp papers, documents that were allegedly misused at a later stage.

Mr. Kadidal, a shareholder, stated that he was forced to handover blank cheques and to sign blank stamp papers at the time of taking loan.

“I admit I should not have given blank cheques or signed blank stamp papers. But without doing so, I would not have got the loan. Many others like me were in the same position and suffered greatly as a result,” he said. He pointed out that cooperative societies are prohibited from demanding such documents under existing norms and added that the shareholders had brought the matter to the State government’s attention and demanded a formal inquiry.