Directors of Ghaziabad Bank charged for Rs. 100 Crore Scam

24 directors of Ghaziabad’s now defunct Mahamedha Cooperative Bank have been charged for allegedly misappropriating around Rs. 100 crore, according to an FIR lodged in Ghaziabad.

The case was lodged 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 and Registrar Devendra Singh alleged the bank officials sanctioned loans to ineligible customers. He said Rs. 99.85 crore was embezzled.

Devender Singh 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 (City) Abhishek Verma told.