Indian Express quotes Pimpri police, Maharashtra as saying there were irregularities in loan distribution involving Rs 429 crore in the Seva Vikas Cooperative Bank.
The probe revealed involvement of the bank’s chairman, its 13 members of board of directors, 11 employees and 37 entities that were given the loans. The scam in loan distribution began in 2007.
Pimpri headquartered Seva Vikas Cooperative bank, has 25 branches and one lakh depositors. Meanwhile RBI has appointed an administrator for the bank and a few functionaries of the bank are arrested.
