Vile Parle Police Book 4 Ex-Bank Officials In ₹4.15 Crore Loan Scam

The Vile Parle police have registered an FIR against four former employees of Maratha Co-operative Bank for allegedly embezzling ₹4.15 crore by sanctioning loans to 210 persons and diverting the money.

The accused include Ramesh Shirgaonkar, the then CEO, Dashrath Naik, the then chief manager, Vaishali Mayekar, the then loan department manager, and Gopal Parab, the then manager of the Vile Parle branch.

According to the FIR, the alleged fraud dates back to 2003-2006 and surfaced after the bank's merger with Cosmos Bank in 2023. The merger was ordered by the RBI due to loan non-recovery.

The scam was discovered by assistant manager Surba Sawant in 2016, who noticed defaults in loan repayments. Upon scrutiny, it was found that loans were sanctioned to 210 persons using forged documents, including identity cards, salary slips, and salary letters with fake stamps.

The loans were allegedly issued to employees of two companies, Indian Paramedical Company and People Paramedical Company, but investigators found that the borrowers had never worked for these firms. The borrowers and guarantors also stood surety for one another.

The funds were diverted after disbursal, with ₹15,000-₹20,000 withdrawn from each account, 5% moved into fixed deposits, and the balance issued through banker's pay orders bearing only Parab's signature.

The RBI's decision to merge Maratha Co-operative Bank with Cosmos Bank brought the fraud to light. Sawant, who is now an officer on special duty with Cosmos Bank, filed the complaint against the four former bank officials.

The case highlights the need for stricter regulations and oversight in the banking sector to prevent such scams. The Vile Parle police are investigating the matter and will take further action based on the evidence collected.

The alleged scam is a significant blow to the banking sector, which has been struggling to recover from the impact of the pandemic. The case also raises questions about the effectiveness of the banking regulatory framework in preventing such scams.

In recent years, there have been several cases of loan scams and frauds in the banking sector, which have resulted in significant financial losses. The Vile Parle police's action in registering an FIR against the four former bank officials is a step in the right direction towards bringing the perpetrators to justice.

The case is a reminder of the importance of vigilance and oversight in the banking sector to prevent such scams and protect the interests of depositors and borrowers. The investigation is ongoing, and further developments are expected in the coming days.

The alleged scam has significant implications for the banking sector and the economy as a whole. It highlights the need for stricter regulations and oversight to prevent such scams and protect the interests of depositors and borrowers. The case is a wake-up call for the banking sector to take steps to prevent such scams and ensure that the regulatory framework is effective in preventing such frauds.

In conclusion, the Vile Parle police's action in registering an FIR against the four former bank officials is a significant step towards bringing the perpetrators to justice. The case highlights the need for stricter regulations and oversight in the banking sector to prevent such scams and protect the interests of depositors and borrowers.