Irregularities in co-op banks & societies
Cooperative bank at Alwar
Survey was conducted in the case based on a reference by the police on seizure of more than Rs 1.3 crore in cash from a vehicle carrying three directors of the bank. On investigations, it was found that the bank was used for conversion of personal unaccounted cash of Rs 2 crore by the chairman and his family. New notes were brought from the chest of SBI and SBBJ in the name of the cooperative bank and replaced illegally. It was also found the directors had cheated the bank of crore of rupees by fraudulently obtaining loans in the names of around 90 people, whose identities are doubtful.
Cooperative bank at Delhi
Search was conducted on the head office and branches of a cooperative bank in Delhi. The bank used demonetisation as an opportunity to earn illegal commissions for handling unexplained cash. The chairman and his associates systematically opened benami and fraudulent accounts to launder cash for beneficiaries. More than 1,200 new accounts were opened and 600 dormant accounts were made active after November 8 in the name of third persons or on the basis of fake IDs without KYC papers. Rs 120 crore was deposited in the bank.