Case 10: Cooperative Bank at Alwar
Author: ITD Date:12-06-2017 11:36 AM
Survey was conducted in the case based on a reference by the police on seizure of cash of more than Rs 1.3 crore from a vehicle carrying 3 directors of the bank. On investigations, it was found that the bank was used for conversion of personal unaccounted cash of Rs. 2 crore by the Chairman and his family. New currency notes were brought from the chest of SBI and SBBJ in the name of the cooperative bank and replaced illegally.
It was also found that the directors had cheated the Bank of crore of rupees by fraudulently obtaining loans in the names of around 90 persons, whose identities are doubtful. Discrepancies in the cash book were also found. The Registrar of Cooperatives is also conducting investigations into the transactions of the bank for financial fraud based on the reference made by the Department.