VADODARA: Former senior officials of Alavi Cooperative Bank in the city have been booked for misappropriation of funds by the sub-auditor of the district cooperatives registrar. The officials have been accused of misappropriating an amount of Rs 70 lakh between November 2007 and March 2009.
The case filed in this regard with Kishwanwadi police station names Akbari Charniwala, former managing director (MD) and currently the joint MD, former chairman Abedin Baldiwala and 10 managing committee members during the time of graft as the accused in the case.
The accused had allegedly misappropriated funds in connection with deal of a land plot belonging to the bank and construction of a branch coming up in the city. The accused allegedly sold off a plot in the Sardar Estate on Ajwa Road for Rs 6.67 lakh when its market value was Rs 18 lakh. The plot was purchased by the bank way back in 1992 for Rs 1.8 lakh. The sub-auditor, H R Sodawala, has stated that the bank was duped of Rs 11.33 lakh in the deal. It has also come to light that the plot was sold to relatives of Charniwala.
The case also alleges that the bank had started construction of another branch on Ajwa Road and an estimate of Rs 30 lakh was cleared for the purpose. However, without any formal clearances from the committee, an expense of Rs 88.93 lakh was incurred on construction. It also came to light that material for the construction of the branch was supplied by Baldiwala's shop in Dabhoi.
Another allegation made in the case is that Charniwala had taken Rs 50,000 for getting the plans of the branch cleared from the municipal corporation on November 23, 2007, even when this was not needed. He repaid the amount on March 28, 2003, when some objections were raised, but did not pay any interest on the amount to the bank.
courtesy : times of india
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