Ex-Congress MLC Arrested in Rs 97.4 Crore Bank Fraud Case

Subhash Zambad, a former Congress MLC and chairman of Ajanta Urban Cooperative Bank, was arrested for allegedly misappropriating Rs 97.4 crore. The sum reduced to Rs 67 crore after reconciliation. He had been absconding for 15 months and his anticipatory bail was rejected by the Supreme Court.

In a significant development, former Congress MLC Subhash Zambad has been arrested for allegedly misappropriating Rs 97.4 crore from Ajanta Urban Cooperative Bank. The arrest was carried out by the Economic Offences Wing of the police on Friday.

Zambad, who has been absconding for nearly 15 months, was produced in court and remanded in police custody until February 12. The initial case registered indicated a misappropriation of Rs 97.41 crore, which has partly reconciled to Rs 67 crore.

The accused had sought anticipatory bail from the Supreme Court, which was denied. This arrest marks a crucial turn in the high-profile financial fraud case that has captured significant public and media attention.

(With inputs from agencies.)