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April 26, 2001
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Money > Business Headlines > Report April 26, 2001 |
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Gujarat cops arrest Madhavpura bank ex-CEO PandyaIn a major breakthrough, the economic offences wing of the Gujarat CID on Thursday arrested Devendra Pandya, former chief executive officer and managing director of the Madhavpura Mercantile Co-operative Bank. Pandya is one of the major players in the recent stockmarket scam. With this, all the three accused in the scam including former MMCB chairman Ramesh Parikh and the bank's Bombay branch manager Jagdish Pandya have been arrested. While Ramesh Parikh is out on bail, Jagdish Pandya is now in CBI custody. Addressing a hurriedly called news conference in Ahmedabad on Thursday, Gujarat Minister of State for Home Haren Pandya said Devendra Pandya, who was variously stated to be 'missing', 'absconding' and 'seriously ill', was arrested from his residence, Kedar Bungalows, on Sarkhej Highway early on Thursday morning by the CID sleuths. The minister said that all the three accused were charged under sections 406, 408, 409, 420 and 120b of the IPC, and under the Banking Regulations Act. Though the former chairman was out on bail, he would be arrested again if needed. Haren Pandya said that the trio had violated the credit deposit ratio and sanctioned overdraft of 100 times over the allowable limit to Ramesh Parikh's firm, Madhur Capital Finance. An amount of Rs 1.35 billion was sanctioned by the bank's Bombay branch to a firm owned by broker Ketan Parekh and then transferred the same to Madhur Capital Finance. The minister said that the bank had taken Rs 1.97 billion through call money and a 'conspiracy' has been hatched by the then chairman, managing director and the Bombay branch manager, who all misused the reserve fund and the government security. The bank had a deposit of Rs 1.30 billion and the stipulated 50 per cent reserve fund had not been maintained, the minister said. The misappropriation of funds to the tune of Rs 10.90 billion was done for personal benefit by the accused, the minister said. UNI YOU MAY ALSO WANT TO SEE:
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