Muslim Co-op Bank: Chairman dares his opponents

As the RBI and the state cooperative department seeks an explanation from the Chairman of Pune based Muslim Co-op Bank in the wake of complaints against him by some of the Board members, PA Inamdar-the man in question, has dared his opponents to prove them.

Inamdar has strongly denied all charges leveled against him. “Some vested interests are at work tarnishing the image of the bank”, he alleged.

Readers would recall that two directors of the bank, Imtiyaz Shikilkar and Mohammad Iqbal Shaikh alias S M Iqbal had filed a complaint with the Reserve Bank of India and Cooperative Registrar alleging ‘a fraud’ of more than 100 crore committed under the leadership of the current chairman PA Inamdar.

“We are planning to knock at the door of High Court and file a criminal writ petition sooner than later”, said S M Iqbal while talking about his further move.

Meanwhile, Talking to this correspondent, Chairman of the bank says all allegations are false, derogatory, defamatory and calumnious. As they have complained to the regulatory authority, we will wait until the inquiry is over, he said.

“Both the directors who lodged the complaint were the top office bearers of the bank in the past. “ It is difficult of explanation why they remained silent all these years raising no objection. If I have done any wrong then they should furnish proof”, he asked.

Reserve Bank of India and the state cooperative department have sought an explanation from the chairman of the bank.

While talking to this correspondent S M Iqbal complained that Inamdar has siphoned off the money in paying the non-existent 62 security guards at its 25 branches.

According to our investigation, we found that it is the scam of more than Rs 5 crore in nine years involving wrongdoings such as opening bogus accounts in false names and the head office faking salary slips of these guards, Iqbal informed.

“PA Inamdar, also runs the famous Azam Campus Group of educational institutes with over 20,000 students.

Raising the issue of money laundering, Iqbal said “The donation given by the kin of students in cash at the time of admission to the educational institute run by Inamdar is black money which is laundered into white money through accounts of employees of the bank and that of the institute”, he said accusing the chairman.

In 2009, employees demanded an increase in the pay-scale of employees but the management refused announcing an incentive of 52 percent and taking back 50 percent adhoc amount given in cash to the employees, Iqbal charged.

Muslim Cooperative Bank was established in 1931 having a network of about 26 branches. More than 20 thousand shareholders are associated with the bank with deposits of 700 crore.

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    Hatts off to Mr S M Iqbal and Mr Shikilkar to filed a complaint to RBI. I am sure they will get justice and I hope all the share holders supports Mr S M Iqbal and Mr Shikilkar.

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