Misappropriation of funds by the board of governors of Pen Urban Cooperative Bank in Raigarh district of Maharashtra has sparked a petition in the Bombay High Court.
The petition has made allegations that the people at the helm have used the funds of the bank to buy illegal properties for themselves. According to the petition, the properties involved are all benami.
Hearing the petition, the court has stopped the owners of the illegal properties from selling or creating third party rights until the matter is disposed of by the court.
It is worth noting that the RBI had thought of appointing a liquidator but the petitioners opposed liquidation on the ground that the move would greatly harm the interests of the small investors. The petitioners are insistent on the bank being reorganized and revived.
According to the petition filed in the court, a huge amount running into several hundred crore of rupees has been embezzled and this amount be recovered from the scamsters soon.
August 3rd, 2012 at 12:45
high court must take a step to ron the bank again
rakesh
August 3rd, 2012 at 12:45
like
September 12th, 2012 at 15:02
High court must do something to save the depositors, and for the poor people in raigad dist.
September 12th, 2012 at 17:55
hi
pl. take involve to Anna team for this movement. Dharkar must punished Phansi for this correption so no one can dare to do this type of corruption in future.
Prime minister should take intrest to open the bank. other wise his government will not come in next election.
October 4th, 2012 at 01:16
Any news on this yet? why is this bank ignored while it has affected so many poor farmers and citizens? The amount was not granted to a politician that he grabbed away under this scam.
The money involved in this scam was hard-earned by poor citizens!
please understand the criticality of this issue and give us a suggestion as to how can we get our deposits back?