Yerla Co-operative Bank chairman Sopan Ramchandra Jadhav and five other directors were arrested on Wednesday by the Mumbai police economic offences wing for alleged fraud of Rs 55 lakh.
The directors are Gajanan Poul, Pandurang Suryawanshi, Bhagwan Kadam, Shrirang Suryawanshi and Ghodiram Sawant.
The chairman of the Mum-bai- based bank and the five others were produced in the court of additional chief metropolitan magistrate S N Chimade at Currey Road, central Mumbai, yesterday. The case has been adjourned till today.
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It was alleged between 1992 and 1996, the directors had sanctioned loans in the name of their relatives and other parties.
The fraud came to light when the registrar was auditing the bank balance sheet.
The registrar dissolved the board of directors and appointed an administrator for the bank.
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