An expose of a Rs 64 crore scam in Akola Urban Cooperative Bank in Maharashtra has finally triggered a police action. Police have registered offences against scores of persons including directors and partners of companies and functionaries and employees of Akola Urban Cooperative Bank.
The police action has been initiated on the basis of complaints filed by the manager of the main branch of the swindled bank.
The mode of scammers’ operating was getting overdraft cash credit limit and loans sanctioned. The fraud spanned 11 years since 2002.
The prominent accused persons are on ad-interim anticipatory bail either from the high court or session court.
Prominent companies and firms involved in the scam included Kothari Brothers, Shankar Udyog, Sanjay Cotton Company, Shankarlal Satyanarayan, Joshi Enterprises, MK Sons, Ramchandra Ramgopal, Navaljeet Cottons, Girish Builder and Developer, Anushri Developers, Kothari Commercial Complex, etc.
Sources close to the bank say, none of the directors, chairman and influential persons in the bank had the slightest inkling of the fraud as no issue related to loans or overdrafts ever came before the board of directors’ meetings.