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April 29, 2002 | 2050 IST
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Nagpur co-op bank chairman, 6 others booked

Close on heels of Maharashtra Chief Minister Vilasrao Deshmukh ordering a CID probe into the embezzlement by the Nagpur District Central Co-operative Bank, police on Monday registered offences against the bank's chairman Sunil Kedar, its general manager and five broking firms in the Rs 1.256-billion gilt scam.

The offences were registered on the basis of a complaint filed by the special audit examiner of the co-operative department Bhaurao Askaer against Kedar, also a Nationalist Congress Party leader, general manager A C Choudhary and five broking firms Home Trade, Indramani Services, Giltage Services (all from Mumbai), Syndicate Management Services, Ahmedabad, and Century Management Services, Kolkata, police said.

The complaint said Kedar, Choudhary and five brokers had misused the bank's funds and fabricated documents to invest in government securities.

Earlier on April 25, Kedar has lodged a police complaint against five brokers for not giving the bank receipts of the gilts to the tune of Rs 1.256 billion.

Deshmukh announced in the state assembly earlier on Monday that the passport of Kedar would be impounded and a CID probe ordered into the issue.

Similarly, the co-operation department in tandem with the Home department, would also conduct a thorough investigation within a month to detect any irregularities in other district and urban co-operative banks across the state, Deshmukh said.

However, he turned down Shiv Sena-BJP opposition's demand for a CBI probe into the alleged fraud by the NDCCB.

Call exposure for banks may be capped
RBI may ban co-op banks from dealing with brokers
Co-op banks may get burnt by bonds
The Rediff Budget Special

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