The Andhra Pradesh Mahesh Urban Cooperative Bank is embroiled in controversy as the Enforcement Directorate (ED) conducted raids on multiple properties linked to key figures, including prominent leader Ramesh Bung and former Managing Director Umesh Asawa.
The investigation has uncovered a significant financial scandal, with allegations suggesting a scam exceeding Rs 300 crores. Sources indicate that Bung and Asawa are accused of taking a 10% commission on loans granted without proper due diligence, raising concerns about financial mismanagement and corruption within the bank. The ED is scrutinizing these transactions closely to uncover the extent of the misconduct.
Additionally, allegations have surfaced regarding the misappropriation of funds during the construction of the bank’s head office. The complaint claims that funds earmarked for the project were siphoned off, further exacerbating the bank’s financial woes. The investigation is ongoing, with the ED aiming to unravel the full scope of the scam and bring those responsible to justice.
This unfolding situation has raised alarm among the bank’s stakeholders and the public, highlighting the need for greater transparency and accountability in the cooperative banking sector. The outcome of the investigation could have significant implications for the bank’s future and the broader financial industry in the region.
