Indian Express reports the Bombay High Court recently rejected a writ petition filed by Mumbai District Central Cooperative Bank against an investigation into its alleged shady transactions.
The Bank is headed by BJP leader Pravin Darekar who is the leader of opposition in the Maharashtra legislative council. The court observed that inquiry is made in order to protect the trust and confidence of depositors in the banking business.
The bank is alleged to have disbursed loans on the basis of fake documents to corporates. The investigation has been ordered under the Maharashtra Co-operative Societies Act.