Yavatmal Co-op Bank Chairman denies allegations

Maharashtra based Yavatmal Urban Cooperative Bank Chairman Ajay Vithaldasji Mundhada has denied allegations of a scam of Rs 100 crore and said the bank is strictly guided by the RBI norms. The chairman claimed that not a single rupee has ever been siphoned off. If the bank has given Loans & Advances of about 1500 crore, how can there be a scam?, he asked.

According to the report published in Times of India, Yavatmal Urban Cooperative Bank is under the scanner following three petitions filed in Nagpur bench of Bombay High Court alleging a massive scam.

Talking to this correspondent Mudhada said as far as he is concerned he is not aware of the charges leveled by petitioners on the bank but according to the media reports one of the petitioners Vinod Kucchewar has taken loan against property of about 20 lakhs from bank several years back. Later on, he has taken loan from Mahila Urban Cooperative Bank on the same property for which we lodged the complaint against Kucchewar with Wani Police State several months back.

According to reports, the bank has allegedly misused the official documents of customers who avail loans. However, the chairman said he strongly denies this and he is ready to face a probe. The baseless charges are being leveled to tarnish the image of the bank. If the bank management is found guilty, strict action should be taken against them.

Meanwhile, a division bench issued notices to the state government through secretaries of home and cooperation departments, asking them to reply within four weeks.

Yavatmal Urban Cooperative Bank is the leading bank of the Marathwada region with 34 branches across the state. The bank has earned a profit of Rs 13.5 crore in the last financial year. More than one lakh shareholders are its members and the bank boasts a business mix of Rs 3600 crore.

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