Fraud in a co-op. bank
krishna
(Querist) 12 February 2012
This query is : Resolved
I am a member in a co-op. Bank. In this Bank a few directors (all from one family) took a loan of about 57 lacs approx. 17-18 years ago but never repaid a single paisa. Recently they insisted that their loans be settled but since RBI has laid a rule that directors' loans should not be settled, the then chairman refused, so the fraudster directors conspired with the other directors and got the chairman removed during the internal election in Aug.2010 and the wife of one of the defaulter director became the vice chairperson. The ex chairman and other directors complained to the RBI but till date no action has been taken on the relatives of the defaulter directors who are on board. The intention of them all is very clear and the Bank will no doubt go bust and we, the members and the depositors will lose our hard earned money as we are all witnessing such frauds in co-op. Banks and the Banks going bust every other day. How to save this Bank?
Isaac Gabriel
(Expert) 12 February 2012
Make a complaint to the Registrar of cooperative societies so as to book the culprits and bring them to books under the provisions of the Cooperative socities Act.
ajay sethi
(Expert) 13 February 2012
if you had good connections with local press draw the attnetion of newspapers to fraud being done by few directors . once issue is raised in press RBI would be forced to act
