Fake co-op bank busted in Andhra

The CBI special judge has sentenced four persons including a former officer and chairman of a fake agricultural cooperative bank in AP to four years in prison and a fine of Rs. 5000 for committing a serious fraud.

Devdas V. Ambare had claimed to be the chairman of the non-existing agricultural cooperative bank in Karnataka. The guilty had produced a fake cheque with a face value of 18 lakh in the name of the non-existing cooperative bank.

He used this to purchase a cheque worth Singapore dollars for 22,500 US dollars and had got a loan of Rs 50 lakh sanctioned from the Arundalpet branch of the state bank of Hyderabad.