A day after a scam involving the Bapunagar Mahila Co-operative Bank came to light, people thronged the bank’s premises in large numbers. Sources said that account holders withdrew a total of Rs2.75 crore while many closed their accounts. People waited outside the building since morning, only to take out the money that they had deposited in the bank.
As per an ongoing investigation, Rs166 crore was allegedly siphoned off by the directors and officers by creating 9,165 bogus accounts.
However, former Rakhial MLA Kanubhai Kotiya, husband of an accused Lilavati Kotiya, refuted the allegations made by the Reserve Bank of India (RBI).
“The scam complaint registered against us is false. The whole thing has been misinterpreted by the RBI. As far as fake accounts are concerned, we have not done any such thing,” he said.
former MLA claimed that it was impossible for the bank to be involved in the scam as the bank limit was Rs30 crore and they were using only Rs22 crore for transactions. Moreover, the bank claims to still have Rs22 crore as secured money and had given a loan of Rs7.50 crore to account holders.
Kotiya justified the 9,165 accounts, claiming that they were opened on behalf of mill workers to save their money. He wondered why the RBI did not come up with the accusation earlier, although they had conducted inspection more than five times.
Meanwhile, Odhav police inspector VD Brahmbhatt said that a thorough investigation into the matter was in progress.