Mumbai: Ex-Chairman and Wife of New India Cooperative Bank Declared Proclaimed Offenders

The Mumbai Magistrate's Court has declared the former chairman of the New India Cooperative Bank and his wife as proclaimed offenders. Additionally, the court has allowed the police to attach 21 properties, including a Rs 150-crore slum rehabilitation project, in connection with the bank's financial irregularities.

New India Cooperative BankProclaimed OffendersFinancial IrregularitiesSlum Rehabilitation ProjectProperty AttachmentReal Estate MumbaiApr 04, 2025

Mumbai: Ex-Chairman and Wife of New India Cooperative Bank Declared Proclaimed Offenders

Real Estate Mumbai:The Mumbai Magistrate's Court has declared the ex-chairman of the New India Cooperative Bank, along with his wife, as proclaimed offenders. The decision comes as part of an ongoing investigation into significant financial irregularities and fraud allegations at the bank. The court has also granted the police the authority to attach 21 properties, including a high-value Rs 150-crore slum rehabilitation project, to ensure the recovery of the bank's assets.

The ex-chairman and his wife have been evading law enforcement for an extended period, leading the court to take this stringent action. The declaration as proclaimed offenders means that they can now be charged with crimes under the Indian Penal Code, including contempt of court and potentially more severe penalties if they are apprehended.

The New India Cooperative Bank, a significant financial institution in the region, has been embroiled in a series of financial scandals over the past few years. The bank's management has been accused of misusing funds, engaging in fraudulent transactions, and siphoning off a substantial amount of the bank's resources. The investigation, led by the Mumbai Police, has uncovered a complex web of financial irregularities that have left many depositors and stakeholders in a precarious position.

The attachment of the 21 properties, including the slum rehabilitation project, is a crucial step in the recovery process. The slum rehabilitation project, valued at Rs 150 crore, was a significant initiative aimed at providing better housing and living conditions for the underprivileged. The diversion of funds from this project has not only impacted the financial stability of the bank but has also delayed critical infrastructure development in the area.

Financial experts have noted that the declaration of the ex-chairman and his wife as proclaimed offenders is a significant development in the case. It signals a strong stance from the legal authorities and may help expedite the recovery of the embezzled funds. The attached properties will be assessed and possibly auctioned to compensate the bank's depositors and other affected parties.

The New India Cooperative Bank, founded with the aim of providing accessible banking services to the local community, has faced severe criticism for the mismanagement and lack of transparency in its operations. The case has also highlighted the need for stricter regulatory oversight and better governance practices in the cooperative banking sector.

As the investigation continues, the focus remains on locating the ex-chairman and his wife and bringing them to justice. Law enforcement agencies are working closely with international counterparts to track their movements and ensure their apprehension. The recovery of the attached properties is a positive step toward restoring confidence in the banking system and ensuring that justice is served for all stakeholders involved.

Frequently Asked Questions

What is the current status of the ex-chairman and his wife?

The ex-chairman of the New India Cooperative Bank and his wife have been declared as proclaimed offenders by the Mumbai Magistrate's Court. This means they can be charged with additional crimes if apprehended.

How many properties have been attached by the court?

The court has allowed the police to attach 21 properties, including a Rs 150-crore slum rehabilitation project, as part of the asset recovery process.

What are the allegations against the ex-chairman and his wife?

They are accused of financial irregularities, misusing funds, engaging in fraudulent transactions, and siphoning off a substantial amount of the bank's resources.

What is the significance of the slum rehabilitation project in this case?

The Rs 150-crore slum rehabilitation project was a significant initiative aimed at providing better living conditions for the underprivileged. The diversion of funds from this project has delayed its progress and impacted the community.

What measures are being taken to locate the ex-chairman and his wife?

Law enforcement agencies are working closely with international counterparts to track their movements and ensure their apprehension and return to face the charges.