Bank Chairman, 10 others remanded to three-day police custody

Bhavnagar, Gujarat, Apr 15 (UNI) A local court today remanded Bhavnagar Nagrik Co-operative Bank Chairman Nirubhai Dave and ten others to three-day police custody for their alleged involvement in a Rs 14-crore scam.

All the 11 accused were produced at the residence of Judge Siddharth Vakil who remanded them to three-day police custody.

The police yesterday arrested the Chairman along with four directors, two managers, a former manager and three bank employees from their residences, for their involved in the scam where the bank had sanctioned loans worth over Rs 14 crore to several persons on gold guarantee, which were found to be fake.

They were arrested after loan officer Jayant Shah, who was arrested two months back, revealed their names.

Those remanded to police custody include Nirubhai Dave, Manibhai Gandhi, Jaydeep Joshi, Arvind Mehta and Jitubhai Upadhyay (all directors), Mehul Trivedi and Bakul Sanghvi (both managers), Kirit Vyas (a former manager), Natwar Dani, Hitesh Jaggad and Ramesh Shah.

Three more office-bearers, involved in the case, are absconding.

UNI