Saraswat Bank: A case has been registered against the chairman of the bank in Pune and seven others for a suspicious transaction.

Allegedly, the incident took place between 2018 and 2020, when the complainant’s company had a term loan account with the Vaishnavite branch of Saraswat Bank.

Saraswat Bank: Following the directions of the Judicial Magistrate’s Court, Pune Police has filed a case of fraud against eight persons, including Saraswat Bank Chairman Gautam Tagore and Managing Director Smita Sandhane.

According to local media reports, Smith Sameer Patil, a resident of Kothrud, had lodged a complaint with the local police on the basis of which Saraswat Bank Chairman Gautam Tagore, Managing Director Smita Sandhane, Chief Manager Anand Chake, Zonal Manager Pallavi Sally, Ratnakar Prabhakar, Globalist and other branch managers An FIR was lodged.

Allegations of misuse of security checks

This case relates to suspicious transactions. The incident is said to have taken place between 2018 and 2020. The complainant’s company had a term loan account at Saraswat Bank’s Bishwantwari branch.

Saraswat Bank officials allegedly created a fake loan account and then sent a one-time settlement proposal of Rs 13 crore to the company on August 13, 2018. The report alleges that the bank misused the checks given as collateral for a term loan to pay Rs 2.5 crore into a fake loan account.

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Company activities in six states

Founded in 1918, Saraswat Bank claims to be the largest urban cooperative bank in India and operates in six states – Maharashtra, Goa, Gujarat, Delhi, Madhya Pradesh and Karnataka.

According to the bank’s website, its total business is over Rs 67,000 crore, with 283 branches and 311 ATMs.

Efforts are being made to develop cooperative banks

Cooperative banks are often challenged by the main problems of fraudulent activity and mismanagement. The RBI took control of the Punjab and Maharashtra Cooperative (PMC) Bank in Mumbai in September 2019 after large-scale fraud was uncovered. PMC Bank’s resolution process is still going on.

In the last two years, the RBI has issued 200 directives to cooperative banks for making mistakes and revoked the operating licenses of at least six cooperative banks.

No response was received from Saraswat Bank in this regard.

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