Maharashtra state cooperation department has finally pressed charges against 89 ex-directors and managing directors of the Sangli district central cooperative bank for issuing loans to non-eligible persons or with low valued security causing a total loss of Rs 157 crore to the bank during 1996-2007.
Those involved in the scam include some MLAs from the BJP-Shiv Sena combine as well, says a report. Official sources have confirmed notices have been issued to the accused.
Earlier the dept of cooperation had begun an investigation and attached properties of some of the directors involved in the shady transactions.
Sources say important leaders of various political parties including Congress and NCP are also involved in the irregular transactions. .
Charges have been brought against 35 former directors, 49 descendents of 14 deceased ex-directors and five senior officers of the bank. In some cases, the loan waiver was granted to some borrowers in violation of several norms and guidelines.
A source said 38 cooperative institutions that had sought loans from the SDCC but did not pay them back would also face investigation.
Respective Parties should express their commitment to fight corruption in very much maligned Co-operative Banking Sector by suspending these members forthwith from the primary membership of parties with adequate public announcement.