In a severe indictment Bombay high court has found the, Chairman, directors and others guilty of fraud in the Memon cooperative bank of Mumbai. The Court has given green signal to the investigator to proceed with the investigations.
The court said in no uncertain terms that it is wrong to find Bank’s chief officer guilty while other dignitaries who may be the real culprits, go Scot free.
The Bank is charged with false representation of balance sheet. Justice J H Bhatia said that” It is impossible to accept that for all the frauds played by the bank, its chief officer is responsible, while the chairman, vice-chairman, other directors and special adviser go scot-free, when they may actually be the culprits,” .
In 2009, RBI filed a complaint against the bank, its chairman Imran Furniturewala, directors Umar Merchant, Shehzad Zaveri, Anwar Zunzunia, Nazim Furniturewala, Khizer Ahmed, Atta Khatri, Rafique Yusuf Ingaria, Shashi Kant Sharma, and special advisor Irfan Furniturewala.
