Gokul Bank chief held for fraud

Mon 02 Jan 2017, 11:56:06
Chairman of the Gokul Cooperative Urban Bank Chimala Jagadish Yadav was arrested on Saturday on a charge of misappropriation of public funds to the tune of over Rs 3 crore. 
With this, police arrested two persons so far in the case. Earlier, Central Crime Station sleuths arrested the CEO of the bank J Balaiah Yadav on December 17.
According to police, the accused along with some other office-bearers had conspired to siphon the funds belonging to e-Seva of the State government.Funds up to Rs 9 crore were accumulated between December 2013 and October 2015 in the

current account of the e-Seva operated with Gokul Cooperative Bank. 
As the e-Seva officials did not transfer the funds to its pooling account at Axis Bank, Jagadish, Balaiah and some other office-bearers had floated the money for issuing loans and obtained loans for themselves for business, personal, gold and housing loans without offering proper securities. 
Besides, they utilised the amount for their personal purposes and luxuries causing a huge loss to the bank, the police said, adding that Jagadish and Balaiah had played a key role in the fraud.

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