Co-operation Commissioner and registrar Anil Kawade has ordered an inquiry to examine alleged irregularities into the Mumbai District Central Cooperative Bank Limited headed by Bharatiya Janata Party's Praveen Darekar, legislator in the Maharashtra Legislative Council.
He has been served notice by the state cooperation department for alleged discrepancies on six counts, including losses in the last financial year, reduction in capital receipts, recovery of loans to sugar factories and corporate companies and loans to cooperative housing societies for their self-redevelopment.
The team led by divisional joint registrar Bajirao Shinde has been asked to check into losses of ₹47.99 crore and capital adequacy ratio (CAR) to 7.11% in the financial year 2019-20. The team has also been directed to examine loans given to sugar factories and corporate loans and their recovery, expenditure on the modernisation of bank offices, including its core banking solutions over the last five years, and loans to cooperative housing societies under its ambitious self-redevelopment scheme.
The cooperation department team has been asked to submit its report within a month.
Darekar, who was a Maharashtra Navnirman Sena (MNS) legislator from 2009 and 2014, joined BJP after his defeat in the 2014 Assembly elections. BJP sent him to the Legislative Council in June 2016 and he was elected leader of opposition in the upper house last year.