During more than a decade long stay as Managing Director of U P Coop Bank Ltd. Sri L.M. Chaube has misused his power at every step, in recruitment, in promotions and looted the institution shamelessly.
By manipulating the legal and original seniority list of A.G.M.s, a forged seniority list was published on 30.11.2011, which denied promotion to the legally right senior A.G.Ms.
He got juniors and his favourites promoted. Ritu Gupta was A.G.M. from 12.08.2007 and many officers were senior to her.
We all affected were very surprised and decided to protest in writing. As this news was whispered by some caucus members to L.M.Chaube, our transfer orders were issued.
Tasaddque Hussain A.G.M. is most important caucus member. Raja Ram Sing is another prime caucus member.
All kind of purchases for bank and for the use of L.M. Chaube’s residence was done by Raja Ram Singh at bank’s expenses.
ATM machines purchased several years back are lying in damaged, corroded and are now defunct. When bank had not to intall ATMs at that time what was the hurry to purchase these costly machines. Now there are many improved models available in the market, at half the cost. In general, to steal a penny L.M. Chaube gave a dent of pund to the bank.
Sub-standard computers and accessories were purchased at a higher cost ignoring the presence of branded items in the market. And at a cost higher than that of branded ones!
District Cooperative Banks of Uttar Pradesh are in very bad shape. Government released assistance of several crores of rupee through Uttar Pradesh Coop. Bank Ltd. Funds received for the purpose were never utilized for the said purpose, a major portion was siphoned off by L.M. Chaube.
Reserve Bank of India has instructed not to accept funds in the 25 DCBs which were on the verge of closure. Deposit from the public was risky in these cases.
Thousands of employees of these banks have not received their monthly dues from their banks. They are in fear of losing their jobs and L.M. Chaube as Managing Director of Apex Coop. Bank Ltd. is equally responsible.
To appont his son and daughters in the U.P.Coop. Bank , L.M.Chaube twisted the selection process and rules in such a manner that only his son and daughters were selected.
To bring his son to the bank he created a post of Public Relation Officer in the cadre of AGM. No bank has any requirement of such post anywhere in this world .Yet Saurab Chaube, his son was appointed as P.R.O.
L.M Chaube retiring in the year 2013,had game plan of amassing as much as wealth as possible and was very successful in his mission also because when he took over as Managing Director a decade back he was simply a millionaire and when recently he was removed from the bank he was a billionaire.
His earnest will was to see Ritu Gupta as General Manager for which he tried tooth and nail to stay back here but this time his luck ditched him.
-One of the victim AGMs