24 directors of Ghaziabad bank booked for embezzling around Rs 100 crore

Twenty-four directors of Ghaziabad's now defunct Mahamedha Cooperative Bank have been booked for allegedly misappropriating around Rs 100 crore, according to an FIR lodged here.

The case was lodged following an audit by a company engaged by the Cooperative Department. The company in its report named the errant directors and officials.

In a complaint to police, Cooperative Department Assistant Commissioner and Registrar Devendra Singh alleged the bank officials sanctioned loans to ineligible customers. He said Rs 99.85 crore was embezzled.

Devender Singh said properties of seven people who took hefty loans from the bank have been attached. Properties of other borrowers will also be attached, he said.

The case will be investigated by the cooperative cell of the UP police, SP (City) Abhishek Verma told PTI.

One of the directors named in the FIR is already dead.

The permission for running the bank was granted on February 27, 2001 by the Reserve Bank of India.

Its licence was cancelled in 2017 due to irregularities.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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