In a shocking revelation, the chairman of Mahalakshmi Urban Cooperative Bank, Jeetendra Mangalekar, has lodged a police complaint alleging that 14 individuals, including bank staff, have defrauded the institution of ₹74.86 crore through loans that were never repaid.
The complaint, filed at Gokak police station, claims that these individuals borrowed more than the amount deposited in the bank and then failed to return the funds. Among the accused are five bank employees who allegedly used the borrowed money to acquire property elsewhere. The accused include Sagar Sabakale, Vishwanath Bagade, Sambhajee Gurupade, Siddappa Pawar, and Dayanand Uppin, along with their relatives.
The fraudulent activities reportedly occurred between July 2021 and April 2023. Initially, the accused deposited ₹6.97 crore in stages, but they subsequently borrowed a total of ₹81.83 crore, resulting in a default of ₹74.86 crore. It is alleged that the staff sanctioned loans to friends and family while employed at the bank.
In response to the news, hundreds of customers besieged the bank, expressing their anger at the management and demanding the return of their hard-earned savings.
District Superintendent of Police Bhima Shankar Guled confirmed the investigation, stating that three teams have been formed to track down the accused, including the manager and other employees. “The case is likely to be transferred to the Criminal Investigation Department (CID) due to the significant amount involved. Until then, we will continue our investigation,” Dr. Guled noted.
The bank operates six branches and has over 3,000 depositors, and officials assured that measures would be taken to protect their savings. Many of the accused, including manager Siddappa Sadashiva Pawar and several staff members, are currently absconding. The Superintendent of Police stated that these individuals knowingly engaged in this scheme in collusion with the manager and other staff.
