Chairman of Lokseva Co-op Bank booked

Police recently booked chairman of Lokseva Cooperative Bank, along with the bank’s chief executive officer for allegedly indulging in irregularities that cost the bank Rs 32 crore, reports Times of India.

As directed by the deputy registrar of the cooperative department, a chartered accountant lodged a complaint against the erring functionaries.

Police booked the two under Sections 420 (cheating), 406 (criminal breach of trust) and 408 (criminal breach of trust by clerk or servant) of IPC.

The accused had made use of 42 bank accounts of customers and acquaintances to grant loan and transfer the amount to ‘Lokseva Pratishthan’.

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