Ir­reg­u­lar­i­ties in co-op banks & so­ci­eties

Financial Chronicle - - PLAN, POLICY -

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.

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