Borrowers have filed suit against 8 employees including chairman and MD of Saraswat Bank to avoid debt recovery: Bank

Pune police have filed a case of fraud against six people, including Saraswat Bank chairman Gautam Tagore.

Saraswat Bank said on Monday, December 26, that a borrower who had taken a loan from the bank had filed a legal case against them. The bank said the lawsuit was filed with the intention of obstructing the debt recovery process and the bank would take necessary legal action to address it.

In a statement, the bank said, “We would like to inform you that an FIR has been lodged on behalf of the director of Orange Medicare and Research Center Pvt. Ltd. (OMRC) for obstruction and protection of the debt recovery process.

“We deny any wrongdoing in the allegations and will ensure that the bank takes all necessary steps to protect its operations, protect its officers and bring this matter to an end,” the bank said in a statement.

The bank further said that it has already been noticed that defaulting borrowers have tried to obstruct the process of debt recovery by filing several cases against the bank, including criminal cases.

“Saraswat Bank will not bow to such coercive tactics and will take all legal action to confiscate the assets of the defaulting company,” the bank said.

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The statement further said that OMRC has defaulted on the loan taken from the bank and at present the bank has to recover more than Rs 16 crore from it with interest. The bank further said that its securitization officer has started the recovery process by issuing a notice of possession.

The bank said, “We would also like to say that the borrowers tried to make a one-time settlement (OTS) with the bank, but failed to pay the agreed amount and hence OTS failed. For example, the borrowers thought they knew the bank would now confiscate their assets, so they filed a false lawsuit against the bank’s chairman, managing director and other officials. “

Earlier, Moneycontrol had reported that the Pune police had filed a fraud case against eight persons, including Saraswat Bank chairman Gautam Tagore and managing director Smita Sandhane, on the basis of a judicial magistrate court order.

“Based on the court order, we have filed a fraud case against the chairman of Saraswat Bank and seven others. An investigation is underway,” senior police inspector Mahendra Jagtap told Kothrud police.

Saraswat Bank was established in 1918 and claims to be the largest urban co-operative bank in the country. The Bank operates in 6 states – Maharashtra, Goa, Gujarat, Delhi, Madhya Pradesh and Karnataka. According to the bank’s website, its total business is over Rs 67,000 crore and it has 283 branches and more than 311 ATMs across the country.

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