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JPC rules out probe into co-op bank scam

The Joint Parliamentary Committee probing the stock scam on Wednesday ruled out investigation by it into the recent scam in co-operative banks in Maharashtra in the purchase of government securities.

The JPC is already "overburdened" and there is no question of it probing the scam involving about half a dozen co-operative banks and an equal number of brokers including Home Trade, JPC chairman Prakash Mani Tripathi told reporters.

If the government felt the need for a probe by JPC into the co-operative bank scam, Tripathi said, it could be done by setting up a separate JPC.

Asked if the government had approached the JPC for probing the co-operative scam as well, Tripathi said: "I have not been given the job, nor am I seeking it."

Finance Minister Yashwant Sinha, during a discussion in Rajya Sabha, had said he was not averse to a probe into the scam by the JPC and that he was willing to consult the parliamentary affairs minister in this regard.

Tripathi said as part of the probe into the stock scam, JPC was investigating into the pay order scam involving Madhavpura Co-operative Bank in Gujarat.

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