Bank chairman among 15 remanded for misappropriation of fund

Written by:
Subscribe to Oneindia News

Pune, Nov 22 (UNI) Fifteen people, including chairman of Suvarna Sahakari Bank here, were today remanded to police custody till November 24 by a local court for misappropriation of Rs 436 crore from the bank till August 21.

Earlier in the day, the officials of economic offences wing (EOW) of the city Crime Branch arrested the chairman, Dhyaneshwar Agashe, and 14 directors following a complaint registered by Chief Auditor of Co-operative Department, Rajesh Jadhav, at the Deccan Gymkhana Police station this morning.

Joint Commissioner of Police Rajendra Singh said EOW swung into action immediately after Mr Jadhav lodged the complaint.

Mr Singh said the auditor identified total 270 loan defualters to whom loans were given during the tenure of the Chairman and these 14 directors. But bank authorities had failed to initiate any action against them, leading to the financial crisis. The directors also violated the rules and guidelness set by the Reserve Bank of India (RBI).

Of the Rs 436 crore, Rs 265 crore worth of loans were distribued among the relatives of Agashe and these directors, he added.


Please Wait while comments are loading...