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ED arrests ex-chairman of Seva Vikas Co-operative Bank

The former chairman of Seva Vikas Co-operative Bank, Amar Mulchandani, has been arrested by the Enforcement Directorate in connection with a money-laundering probe. Mulchandani is accused of taking a commission of 20% from sanctioned loans, resulting in a loss of ?429 crore ($60 million) to the bank. The investigation revealed that loans were given to favoured borrowers without proper verification of their creditworthiness or collateral securities. More than 92% of loan accounts turned non-performing, causing the collapse of the bank and losses to small depositors. | Mumbai news ....

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Loan fraud ED arrests man who 'defrauded' Pune co-op bank of over Rs 60 cr

(This story has not been edited by THE WEEK and is auto-generated from a PTI ....

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RBI cancels certificate of registration of four NFBCs; list here

The companies whose certification has been cancelled are SRM Properties And Finance Company (Rajasthan), North East Region Finservices Limited (Manipur), Sowjenvee Finance Limited (Karnataka) and Opel Finance Limited (Patna). ....

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