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
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.
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.
They are accused of financial irregularities, misusing funds, engaging in fraudulent transactions, and siphoning off a substantial amount of the bank's resources.
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.
Law enforcement agencies are working closely with international counterparts to track their movements and ensure their apprehension and return to face the charges.
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