Former Congress MLA Ashok Dhawad, ex-chairman of the Navodaya Urban Co-operative Bank, surrendered before the special court of Maharashtra Protection of Interest of Depositors (MPID) Act in the alleged Rs 38.75 crore scam after his anticipatory bail plea was rejected by the supreme court, reports Money Life.
RBI cancelled the bank’s licence in 2018 as it was rocked by the scam. While Dharwad has been taken into custody, his wife who was one of the directors has been granted anticipatory bail.
Dhawad, is charged with sanctioning and disbursing fake loans, misappropriation of funds, issuing clearance certificates even the defaulters and several other irregularities.