Nashik, Mar 18: The founder Chairman of Sriram Co-operative Bank Vijay Patil was arrested here for an alleged fraud of Rs 70,63,16,000.
According to sources, the Financial Crime Detection Branch of the local police arrested Vijay Patil, the founder chairman of Sriram Co-operative Bank, a local bank, yesterday. Patil was arrested for the alleged misappropriation of funds of depositors and account-holders to the tune of Rs 70,63,16,000 during the period April 1, 2000 to May 31, 2005.
He was produced before a local court which remanded him to police custody till March 20. He told the court that he had repaid some of the loan taken from the bank. Vijay Patil is the brother of former MP Madhavrao Patil, Chairman of Janlaxmi Co-operative Bank here and also the former chairman of the Lead Bank.
Meanwhile, a case has been registered against 174 people in the matter. Out of the total amount, Rs 12.5 crore have been recovered till now. Some of the other directors have been arrested earlier.