BHOPAL: Economic Offence Wing has arrested three accused for allegedly embezzling Rs 111.27 crore of Bhopal Cooperative Bank, here on Wednesday.
Officials including managing director Ram Shankar Vishwakarma, bank managers Subash Sharma and Anil Bhargava have been arrested.
EOW director general Sushobhan Banerjee said state government have filed complaint and have incorporated 530 pages in support of irregularity.
He added that as per complaint lodged in 2018 the then managing director RS Vishwakarma had invested Rs 111.27 crore in Company Infrastructure Leasing and Financial Services Limited.
Four officials RS Vishwakarma, bank managers Subash Sharma, Anil Bhargava and charted accountant RS Sood had deposited the amount allegedly through various transactions into the company in various dates in 2018.
He said Bank is having 24 branches in district in which the money of farmers, common men and other corporations are deposited.
He added officials have invested Rs 500 crore in the small-scale banks in 2018 in contravention of law.
The department is also investigating the total investment done by the Bank. The accuses will be presented in the Court on Thursday.
Enquiry panel constituted: Cooperative department has constituted an enquire committee on April 16,2019 under the chairmanship of additional commissioner RC Ghia, Apex bank MD Pradeep Nikhra, manager and finance management in charge RBN Pillai, latter two more officials joint commissioner Arvind Singh and SH Baghel were appointed to the committee. The committee submitted the report on April 26, but the accused officials moved High Court claiming that the committee is not having power to investigate the issue and they got the stay on the committee report.
After HC vacated stay on order the department submitted the complaint to EOW.
Rs 111.27 crore recovery from debt ridden IL&FS: IL&FS Company is having the debt of Rs 91,000 crore and due to huge debt amount the credit of the company dropped day by day. In the month of September 2018, the company reached into the worst ranking. Due to such financial set back the bank may not able to get the Rs 111.27 crore and also its interest. Enforcement Directorate had registered the case against the companies and had arrested the officials
