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Multi-crore scam: Bank customers give ultimatum to manager for return of money

Nearly three months after a multi-crore financial scam surfaced at the Nohradhar branch of Himachal Pradesh State Co-operative Bank Ltd, its probe is yet to be handed over to the CBI.Though the bank management had recommended a CBI probe into...
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Aggrieved customers give an ultimatum to Umeed Kanwar, manager, Himachal Pradesh State Co-operative Bank Ltd, Nohradhar branch.
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Nearly three months after a multi-crore financial scam surfaced at the Nohradhar branch of Himachal Pradesh State Co-operative Bank Ltd, its probe is yet to be handed over to the CBI.Though the bank management had recommended a CBI probe into the incident on August 19, after suspending seven employees and issuing show-cause notice to 10 others, no such action has been taken till now in this connection.

Villagers from 15 panchayats comprising aggrieved customers today gave an ultimatum to bank manager Umeed Kanwar at Nohradhar to return their duped savings before Diwali or face a massive stir.

Villagers also held a meeting at Nohradhar and expressed concern at the lackadaisical attitude of the bank management and the tardy pace of return of their money which they estimated was between Rs 8 crore and Rs 9 crore. Rajinder Singh Chauhan, local Kisan Sabha’s general secretary, said farmers and customers of the bank from 15 nearby panchayats, who assembled at Nohradhar today, expressed concern at the bank management’s apathy.

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“Only Rs 75 lakh have been received by six customers while others have yet to receive their embezzled amount. Since the festival of Diwali is approaching, the bank should consider returning back money failing which we would be forced to launch a massive protest,” said Chauhan.

According to an FIR lodged by the bank management on August 11, Jyoti Prakash, branch manager, misused his powers and opened Kisan Credit Cards on fake names and credited a sanctioned amount of Rs 4.02 crore into them. This money was transferred into term loan of bank’s own deposit and cash credit limit of bank’s own deposit accounts which were later embezzled and these accounts were closed.

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While the bank management professed that as per its policy each penny of customers would be retuned and the bank would bear the losses, but villagers were getting restive as past promises of returning money by September 15 had not been fulfilled. Jyoti Prakash also embezzled fixed deposits of account holders which, on inspection, revealed glaring irregularities. Amount running into lakhs was withdrawn from several accounts.

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