Financial Daily from THE HINDU group of publications
Friday, May 17, 2002
Financial Daily from THE HINDU group of publications Friday, May 17, 2002 |
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Money & Banking
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Co-operatives `Only 4 urban co-op banks involved in scam' Our Bureau
PUNE, May 16 OUT of the 400 urban co-operative banks for which the audit report has been completed, only four banks have been found to be involved in the Rs 1.5-crore scam that was unearthed last week. The total number of urban banks for which the audit is going on is about 658, Mr Anand Katke, Deputy Registrar of Urban Banks, told Business Line. Asked about the developments on the FIR that has been lodged against the board of directors of the Suvarnayug Urban Co-operative bank for the fraudulent dealings in the Government securities amounting to Rs 5.65 crore, he said the police are still investigating the matter. It may be recalled that the District Special Auditor on Wednesday had lodged a First Information Report (FIR) against the Survanayug Bank. The directors had been mainly charged with cheating. The State Co-operatives Department is awaiting the go-ahead from the Reserve Bank of India (RBI) to invoke Section 110 (A) for quick dissolution of the Board. Another FIR is also likely to be filed against the board of directors of the Raghuvanshi Urban Co-operative Bank in Mumbai.
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