Rs 100 cr scam alleged at Muslim Co-op Bank

ST Correspondent
Sunday, 8 October 2017

As per the complaint, Inamdar allegedly connived with the secretary and kept other directors in the dark about sanctioning of various funds in the meetings.

Pune: Two directors of city-based Muslim Co-operative Bank have lodged complaints with Reserve Bank of India (RBI) and the co-operative commissioner alleging that the Bank's chairman PA Inamdar has siphoned off about Rs 100 crore in the last 10 years.

The complaint was lodged in July this year by directors Imtiaz Latifbhai Shikilkar and Mohammad Iqbal Shaikh. They will stage a protest outside the bank's office in Bhawani Peth on Monday.

As per the complaint, Inamdar allegedly connived with the secretary and kept other directors in the dark about sanctioning of various funds in the meetings. “He has got the money under pretext of paying security guards, medical fund, etc. There are 23 branches of the bank without any guards but it has been shown that guards were paid Rs 70-80 lakh per year. Software and hardware were purchased from his son's firm and it is shown that Rs 2-3 crore were spent per year. Therefore, we demand a thorough probe and action against him,” the complaint letter states. 

When contacted, Inamdar told Sakal Times, “It is a politically motivated complaint. Two directors from Baramati are fighting for vested interests. Shikilkar was director for several years and he was also the chairman. I am chairman for the last two years. Why did he kept quiet all these years? If they complained to RBI and co-operative commissioner, then why they want to organise a protest now?” 
 

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