Police register criminal case against Vitrag Bank CEO

The advisor of the Vitrag Co-operative Bank Ltd has lodged a complaint against Naresh Shroff, the chief executive officer of the Bank, and 55 other persons, accusing them of defrauding the bank to the tune of Rs 11.28 crore.

The accused include Atul Khatri, Amit Khatri, Rajesh Shah and Rajnikant Shah, police said.

According to the complaint, the accused, with the help of the bank CEO, took Rs 11.27 crore from Vitrag Bank as cheque discounts and temporary overdrafts.

However, they could not repay the amount in time leading collapse of Vitrag Bank. Finally last it was barred from the clearing house.. Police said that a case has been registered against all the 56 accused, under sections 406, 409, 420 and 465 of IPC.

"We have arrested Amit Khatri on Saturday. We are interrogating him to find out the whereabouts of the other accused," J A Patel, investigating officer told Business Standard.

"We also had raided the residence of Naresh Shroff on Saturday. Though we could not nab him, we have seized his passport, Rs 7 lakh worth of FD receipts and share certificates from his house," Patel added.