News APP

NewsApp (Free)

Read news as it happens
Download NewsApp
Rediff.com  » Business » Ketan Parekh, 11 others chargesheeted

Ketan Parekh, 11 others chargesheeted

Source: PTI
December 04, 2003 13:36 IST
Get Rediff News in your Inbox:

Almost two-and-a-half years after the Madhavpura Mercantile Co-operative Bank (MMCB) scam rocked the co-operative sector in Gujarat, the CBI has filed chargesheets against 12 accused, including Mumbai-based sharebroker Ketan Parekh, for allegedly defrauding the bank of a whopping Rs 1,030 crore (Rs 10.30 billion).

The chargesheets filed in the chief metropolitan court on Wednesday also names MMCB's former chairman Ramesh Parikh and ex-CEO Devendra Pandya for allegedly granting loans to the tune of Rs 984 crore by blatantly violating all set norms of RBI, prosecution sources said on Thursday.

While Ketan Parekh was allegedly extended a loan of Rs 778 crore (Rs 7.78 billion), Mumbai-based chartered accountants Mukesh Babu and Shirish Maniyar were granted Rs 206 crore (Rs 2.06 billion), according to the chargesheets.

Both Babu and Maniyar, who have been released on bail by the Gujarat high court, have also been chargesheeted.

It is alleged that MMCB had violated all RBI norms as its credit-deposit ratio had reached 114 per cent between October 2000 and March 2001, and crossed 131 per cent.
Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!