THIRUVANANTHAPURAM: An inspection by the financial inspection division at KSRTC has found serious errors. It is also clear that Rs 100.75 crore was spent without accurate calculations. This is stated in the report of the financial inspection wing.

The revenue and expenditure figures for 2010 to 2013 are not clearly documented. There are no records of money paid from the chief office to the depots. So the difference in the money has been written off as suspended. In addition, records of income received from each depot during this period and records of bank and treasury transactions have not been kept. It was a time of money laundering with KTDFCU. Four including K M Sreekumar are responsible for not keeping records. All except K M Sreekumar have retired and that is why action was taken against him. There is no mention about the money stolen in the documents. The report raises doubts whether it was to commit financial fraud. The report has stated that a special team should be formed to investigate the incident and that the documents should be found within a month.

The report was also discussed at the KSRTC board meeting convened yesterday. The board then directed to take strict action against those responsible. Based on that the executive director K M Sreekumar was transferred to central zone (Ernakulam) as part of the probe. He was in charge of the accounting section during 2012-15. KTDFC had been complaining for quite some time that KSRTC had not repaid the loan of Rs 350 crore given.

Chairman and managing director Biju Prabhakar in a press meet convened yesterday revealed the financial irregularities of Rs 100 crore unearthed in KSRTC.