Ghaziabad: 24 directors of Ghaziabad’s Mahamedha Cooperative Bank have been charged for misappropriating around Rs100 crore, according to an FIR filed in Ghaziabad. The case was charged 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 said the bank officials sanctioned loans to ineligible customers. He said Rs 99.85 crore was embezzled. He 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 told. 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 license was cancelled in 2017 due to irregularities.
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