HC directs RBI to attach properties
in Rs 2.72 billion gilt scam
The Aurangabad bench of the Bombay high court on Friday directed the Reserve Bank of India (RBI) to attach within two weeks movable and immovable properties of the then chairmen and members of the board of directors of the Nagpur, Wardha, Amravati and Osmanabad district cooperative banks, involved in the Rs 2.72 billion (Rs 272 crore) gilt scam.
The bench, comprising Justice B H Marlapalle and Justice D S Zoting, also directed deputy inspector general (CID) to take immediate action to arrest Pawanraje Nimbalkar, former chairman of the Osmanabad cooperative bank and main accused in the scam, within seven days.
The court also directed that the accounts of all the six companies involved in the scam be frozen.
The court was acting on a petition by advocate Vilas Humbe who requested the court to transfer the matter to the Central Bureau of Investigation (CBI).
The final hearing in the matter will take place on August 28.
Meanwhile, in an effort to relax restrictions imposed by the central government on co-operative banks, a high-level delegation from Maharashtra would take up the matter with the Union finance minister and RBI officials in New Delhi next week, Chief Minister Vilasrao Deshmukh said in Mumbai on Friday.
Deshmukh was speaking at a meeting convened in Mumbai to take stock of the Centre's decisions, which could have an adverse impact on the state as the co-operative sector is the backbone of the rural economy in Maharashtra.
District and urban co-operative banks across the state have deposits to the tune of Rs 500 billion (Rs 50,000 crore) and have disbursed loans amounting to Rs 450 billion (Rs 45,000 crore), an official release said.
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