Caught in the headlights: Here's a look at three big rip-offs in UCBs

Urban cooperative banks (UCBs) have, over the years, found themselves at the end of a bad bargain. Weak governance, poor internal controls, political interference and dual regulation by state governments and the Reserve Bank of India — just about everything which can go wrong at UCBs. Some have cleverly played the system — after all, a slave with two masters, is a free man. Below is a look at the three big rip—offs over the last two decades.

Madhavpura Mercantile Co-operative Bank (MMCB) goes bust (2001): The Ahmedabad-based MMCB played wildly by doling out funds to stock brokers in gross violation