The Muvattupuzha Vigilance Court in Kerala has ordered a probe against the president of the Mulavur Urban Cooperative Bank on charges of financial irregularities. The court has sought a report from police authorities in the matter by the close of February, reports Hindu.
The petitioner has also named 12 others as respondents.
The petitioner has alleged that the bank president has not only amassed disproportionate assets but also violated the bank’s norms on personal loans and granted loans up to Rs 9 lakh as against the stipulated ceiling of Rs. 4 lakh.