ACB files graft case against co-op bank officials

MUMBAI: The Anti-Corruption Bureau (ACB) of Mumbai on Wednesday registered a case of cheating, forgery, corruption and misappropriation of funds against the officials of the Bhandari Cooperative bank's Dadar branch.
ACB officials said former directors and the chairman of the bank allegedly hatched a conspiracy and disbursed Rs 6.5 crore loan against bogus documents showing ownership of 48 flats.The homes were shown as collateral security against the loan.
Laxman Divekar and Sudhakar Mahatre in 2009 made a proposal that they were developers of Sai Perna building and Sai Balaji Apartments in Dadar and submitted bogus loan applications of around 48 tenants and procured a loan of Rs 6.5 crores from the bank. "Preliminary investigations show that the bank's advocate Prakash Shenoy and former chairman Ratilal Patimbar Bhole advised the bank officials not to sanction the loans as there were descrepancies. The persons who applied for the loans were not the actual owners of the flats,'' said an officer.