Muslim Co-operative Bank in Pune has become a hotbed of frauds and irregularities. RBI and the state cooperative department have sought an explanation from the chairman of the bank about an alleged Rs 100 crore fraud, reports Hindustan Times.
Earlier, two directors of the bank had filed a complaint with RBI and Co-operatives Commission.
The bank is currently headed by prominent educationist PA Inamdar, who runs the famous Azam Campus Group of educational institutes with over 20,000 students on its rolls.
Meanwhile, Inamdar has denied all allegations.