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Re: Banking News.....
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maverick_ronnie
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Re: Banking News..... - January 2nd, 2008

Bank chairman held in multi-crore scam

NAGPUR: The prime accused in the multi-crore Samata Sahakari bank scam, its Chairman Milind Chimurkar was arrested from Ahmedabad by the Nagpur police.

Giving details of the police operation, the Additional Commissioner of Police (Crime) Bhushan Kumar Upadhyay said, the police had registered an FIR against Chimurkar and 29 others, including some bank directors, more than a month back.

However, many of the accused were absconding since then. The Rs 145.60 crore scam was detected more than a year back.

The bank directors had flouted Reserve Bank of India norms while disbursing loans, Upadhyay said, adding 12 prominent groups of Nagpur were found to be recipient of loan from this bank. But the loan was never repaid and neither did the bank make any effort to get it back.

Upadhyay also expressed surprise at the fact that though the irregularities have been going on in the bank since 1997, it could never be detected in the annual auditing undertaken by the co-operatives department of the state government.

The police would now interrogate Chimurkar and look for not just the documents required in the case, but also try and get details of others who continue to be at large.

Meanwhile, Milind Chimurkar has been remanded to police custody till January 2.


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