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| Dinesh Gupta's acts of "omissions & commissions" as CCB Chairman under scanner | | | Early Times Report
Jammu, Oct 30: The alleged acts of omissions and commissions of Dinesh Gupta, former Chairman of the Citizens Cooperative Bank Ltd, are under the scanner of Reserve Bank of India and Registrar Cooperative Societies.
According to highly placed sources, a secret inquiry into the alleged irregularities committed by Gupta during his tenure as CCB chairman, has been initiated. The secret probe would ascertain the facts about a series of allegations of frauds committed in the bank during the last two years of the outgoing Board of Directors.
Even as complaints of similar nature have also been forwarded to the State Vigilance Organization and Crime Branch, sources said that the office of Registrar Cooperative Societies is looking into alleged financial irregularities in CCB, allegedly committed by several Managers of the bank in connivance with then Chairman Dinesh Gupta.
While elaborating, sources explained that some bank Managers acted as conduits of then Chairman and sanctioned huge loans to undeserving favourites without even ascertaining whether these persons fulfilled the established criteria for extending loan facility by the bank as per its own guidelines. In several cases, excess loans were allegedly provided against Fixed Deposits while housing loans were enhanced without ascertaining the capacity of loanees to pay back thus posing a threat of these lendings turning into NPAs, sources alleged.
In some cases under investigation, sources alleged that multiple loans were extended to defaulters while the bank also did not charge higher rates of interest in cases of overdraft and thus incurred a loss to the institution.
Sources claimed that all these irregularities were allegedly committed by the branch managers in connivance with the bank management, particularly the Chairman of the Board of Directors, Dinesh Gupta, for "obvious" reasons.
These allegations of omissions and commissions against the Chairman were the reasons which forced the Registrar Cooperative Societies to supersede the elected Board of Directors with its representative as an Administrator some time back, sources informed. |
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