PANJIM, April 30 -- Team Herald

The Goa State Co-operative Marketing & Supply Federation Ltd has suspended its managing director Kashinath Naik, following directions from the Registrar of Cooperative Societies (RCS).

The suspension comes following reports alleging a Rs 5.5 crore fraud involving NAFED (National Agricultural Cooperative Marketing Federation of India) and other Federations in Nashik over purchase of onions.

A detailed inquiry and disciplinary proceedings are being initiated, with the Committee of Administrators set to coordinate with the Nashik Police's Economic Offences Wing.

The decision was taken by the Committee of Administrators in the meeting held on Tuesday.

In February this year, a case was filed against the man...