ED questions former Shiv Sena MP for 2 hours, BFSI News, ET BFSI
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The Enforcement Directorate (ED) on Tuesday questioned former MP and Shiv Sena leader Anandrao Adsul for two hours in connection with the alleged misappropriation of funds and bad loans in City Cooperative Bank. Adsul is the chairman of the bank.
It is alleged that the Adsul-controlled bank had arbitrarily distributed loans, thereby causing a fraud of Rs 900 crore. As a result, in April 2018, theReserve Bank of Inida restricted the nearly one lakh account-holders from withdrawing their money and banned the bank from granting loans, making investments, borrowing funds and accepting deposits.
Sources said that the ED will soon question Adsul in alleged Punjab and Maharashtra Cooperative Bank fraud case too.
Recenetly, City Cooperative Bank initiated the merger process with State Cooperative Bank, but in January, depositors put up banners in many parts of the city demanding action and inquiry against Adsul for “causing loss to the bank”.
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