Rs.19cr co-op bank fraud busted
CEO, chairman and director of Bhandari bank arrested for sanctioning loans to non-existent parties
Officials from the anti-corruption bureau (ACB) recently arrested five men, including the chief executive officer, chairman and director of Bhandari Co-operative Bank, for their alleged involvement in a Rs19-crore fraud.
The bank authorities, including the chairman and director, had allegedly sanctioned loans for non-existent parties for 1,100 autorickshaw owners and a housing project in Thane despite knowing that the documents submitted in both the cases were bogus.
Those arrested are bank CEO Devchand Sete, 58, chairman Umesh Chamankar, 44, director Santosh Bidu, 47, and agents Manish Singh, 32, and Rakesh Patel, 39.
"Initially we had registered one case against the bank officials for issuing a bogus loan of Rs6 crore on a property located in Thane where they had claimed to have constructed a building for 65 BEST workers. But, during investigation, we found the bank authorities had issued bogus loans for 1,100 autorickshaws in the city that do not even exist based on forged documents," said an ACB official, on condition of anonymity.
The Bhandari Co-operative Bank officials had allegedly prepared all the forged documents, including the registration books that are issued by the regional transport offices (RTOs) and the applications, and they did not even submitted the documents at the local RTO office.
"The bank had sanctioned a property loan of Rs6 crore and mentioned in the documents that the property is located in Thane where the developer had constructed a building for 65 BEST workers. But, during inquiry, we found that the builder was not the same as mentioned in the documents and those living in the building were neither BEST workers nor had they taken any loan from Bhandari Co-operative bank," the ACB official added.
The five arrested accused have been produced in court and remanded in judicial custody.
"There are several other people, including the co-operative bank officials, who are yet to be arrested in this case," said Niket Kaushik, additional commissioner of the police, ACB Mumbai.
CEO, chairman and director of Bhandari bank arrested for sanctioning loans to non-existent parties
Officials from the anti-corruption bureau (ACB) recently arrested five men, including the chief executive officer, chairman and director of Bhandari Co-operative Bank, for their alleged involvement in a Rs19-crore fraud.
The bank authorities, including the chairman and director, had allegedly sanctioned loans for non-existent parties for 1,100 autorickshaw owners and a housing project in Thane despite knowing that the documents submitted in both the cases were bogus.
Those arrested are bank CEO Devchand Sete, 58, chairman Umesh Chamankar, 44, director Santosh Bidu, 47, and agents Manish Singh, 32, and Rakesh Patel, 39.
"Initially we had registered one case against the bank officials for issuing a bogus loan of Rs6 crore on a property located in Thane where they had claimed to have constructed a building for 65 BEST workers. But, during investigation, we found the bank authorities had issued bogus loans for 1,100 autorickshaws in the city that do not even exist based on forged documents," said an ACB official, on condition of anonymity.
The Bhandari Co-operative Bank officials had allegedly prepared all the forged documents, including the registration books that are issued by the regional transport offices (RTOs) and the applications, and they did not even submitted the documents at the local RTO office.
"The bank had sanctioned a property loan of Rs6 crore and mentioned in the documents that the property is located in Thane where the developer had constructed a building for 65 BEST workers. But, during inquiry, we found that the builder was not the same as mentioned in the documents and those living in the building were neither BEST workers nor had they taken any loan from Bhandari Co-operative bank," the ACB official added.
The five arrested accused have been produced in court and remanded in judicial custody.
"There are several other people, including the co-operative bank officials, who are yet to be arrested in this case," said Niket Kaushik, additional commissioner of the police, ACB Mumbai.
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