Maha: Ex-MLA, others booked for Rs 512 cr bank irregularity

A case was registered against 76 persons, including a former MLA, for alleged irregularities to

the tune of Rs 512.54 crore in the Karnala Nagari Sahakari Bank headquartered in Panvel in neighbouring Raigad district,

Navi Mumbai police said on Tuesday. Former PWP MLA from Panvel Vivekanand Shankar Patil is

the chairman of the cooperative bank and he has been named as an accused along with the vice-chairman, chief executive

officer and several others who had obtained loans from the institution, an official said.

A press release from Navi Mumbai police said a case was registered for criminal breach of trust, cheating among

others under provisions of Indian Penal Code, the Cooperative Societies Act and the Maharashtra Protection of Interest of

Depositors Act. It said the irregularities were revealed after an

inspection of the bank's operations by the Reserve Bank of India led to a special audit of the lender's 17 branches.

The case was registered on the complaint of the state's commissioner for cooperation, the official said,

adding that probe was underway and no arrests had been made as yet.

As per the website of the bank, it was established in 1996 under the Cooperative Bank Act after Vivekanand Patil

received a licence from the RBI.