Major Financial Scam Unraveled in Uttar Pradesh Cooperative Bank

Uttar Pradesh Police have arrested Pawan Kumar Pal, the main accused in a Rs 21 crore scam at Uttar Pradesh Cooperative Bank. Pal, a former bank manager, allegedly violated banking rules to siphon funds. The case is under high-level review as police pursue other suspects.

In a significant development, Uttar Pradesh Police have successfully apprehended Pawan Kumar Pal, the principal figure implicated in a staggering Rs 21 crore scandal at the Uttar Pradesh Cooperative Bank's Gonda branch, according to officials.

During investigations, it emerged that Pal, who served as the bank's branch manager, colluded with employees and account holders to unlawfully distribute loans. His actions reportedly contravened Reserve Bank of India guidelines and internal bank policies, resulting in the misappropriation of funds over several years.

The police disclosed that Pal funneled the illicit proceeds through accounts belonging to his family members. Following his arrest at Mankapur bus stop, he was presented in court and subsequently detained. The case, regarded as a major financial fraud, is currently under the scrutiny of higher authorities, and efforts are underway to apprehend remaining suspects, authorities stated.

(With inputs from agencies.)