Bombay HC’s order in Veerashaiva Cooperative bank fraud

The Bombay high court  has asked the city police to investigate the Veerashaiva Cooperative bank  fraud  using the services of a chartered accountancy firm without any  further procrastination.

The Court order was passed during  hearing of a petition  filed by the cooperative workers  organisation asking for  return  of money and an immediate  action against the people involved in the bank  fraud,

The court had earlier expressed its displeasure at the delayed police action in the matter.

It is noteworthy that  the bank’s directors  and some borrowers had allegedly conspired to loot the bank and the fraud involves  an amount exceeding  50 core.

More than 15 thousand investors stand affected by it. The bank workers’ organisation has petitioned the court to order  arrest and attachment of the properties of the  fraudsters.

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