Chhatrapati Sambhajinagar: Additional sessions court Judge N M Jamadar rejected the anticipatory bail application of Subhash Zambad, the chairman of Ajanta Urban Cooperative Bank (AUCB) on Tuesday.
Zambad filed an anticipatory bail application in the court to avoid arrest in the case that was registered at City Chowk Police Station for embezzlement of Rs 97.41 crore amount of bank depositors. The court rejected his bail plea.
Following the orders of the Reserve Bank of India, the Special Auditor (Co-operative Banks) filed a case against AUCB chairman Subhash Zambad, Chief Executive Officer Pradeep Kulkarni, private auditor Satish Mohre and all the directors of the bank between 2006 and August 2023.
A complaint was given to the City Chowk Police Station on October 18, 2023, to register a case. The accused have shown the bogus deposits of 36 persons and disbursed bogus loans to these 36 people.
It was stated in the complaint that due to the irregularities, problems have arisen for the depositors in getting back their deposits.
The Economic Offence Wing (EOW) is investigating this case. Adv Vikas Suresh Tanwade appeared for a depositor Mangesh Kapote and others. N B Dhongade represented the Government.