Pen Urban Bank depositors seek withdrawal of liquidation

Depositors of crisis-ridden Pen Urban Cooperative Bank today demanded withdrawal of liquidation proceedings ordered by the Maharashtra government last week.
The Sangharsha Sammeeti of depositors organised a morcha at Raigad district collectorate appealed to the Maharashtra government to help them get their money back with accumulated interest.
The bank went into red due to alleged misappropriation of Rs 600 crore over four years.
"There are 128 bogus loan accounts. The properties purchased by the bank authorities with the help of depositors money should be confiscated and sold into open market and money be returned to depositors," the Samiti members said.

The case is pending before the Bombay High Court.
The 39 benami properties valued at Rs 60 crore had already been attached. However, the court had ordered those persons holding such properties as benami on behalf of the owners, not to dispose them or sell them or create third party rights until the case is finally disposed of.
It was argued that most of the investors were those, who had invested less than Rs 1 lakh individually and would stand to lose if the liquidation is not revoked.