MLA Sunil Kedar found guilty in NDCCB scam, ordered to deposit Rs 300 crore in the Bank

The scam pertains to purchase-sale of Government Bonds. The Cooperation Department has found Sunil Kedar, the former Chairman of the NDCCB, guilty in the scam after 11 years of gruelling and sustained probe into the massive irregularities.

Nagpur News: The Congress MLA from Saoner Sunil Kedar, the key accused in the Rs 150 crore scam pertaining to purchase-sale of Government Bonds, has been ordered to pay Rs 300 crore for causing loss to Nagpur District Central Co-operative Bank (NDCCB).

The Cooperation Department has found Sunil Kedar, the former Chairman of the NDCCB, guilty in the scam after 11 years of gruelling and sustained probe into the massive irregularities. Kedar has been ordered to deposit Rs 129.31 crore with 12 per cent interest per month the total of which stands at Rs 300 crore including the principal amount and the interest.

The scam got exposed in 2002. The Cooperation Department has also blamed the General Manager Ashok Chaudhary and other Directors of NDCCB for the scam. The Investigating Officer, in his probe report, has recommended legal actions against the guilty if they fail to deposit the amounts.

The Special Auditor (Class 1) Yashwant Bagde gave his final order on Thursday (November 28) after 11 years of investigation into the scam. According to the order, Rs 25 crore would be recovered from the General Manager Ashok Chaudhary. Moreover, the former Vice-Chairman of the Bank Asha Mahajan, former Directors Shyamrao Dhawad, Kusum Kimmatkar, Morebaji Nimje, Rameshkumar Nimje, and Santosh Chore have been ordered to pay Rs 1020 each as fines.

The Saoner MLA Sunil Kedar has been ordered to deposit 90 per cent of the scam amount in the Bank on account of recovery of loss. Sunil Kedar is also facing criminal proceedings in a court for the scam.

THE EXACT SCAM:

• The MLA Sunil Kedar invested the NDCCB money in the Gilt through Mumbai’s Home Trade. 
• Initially, after receiving the invested money back, the Bank invested the money for purchasing the Government Bonds but the money never came back. 
• In the meanwhile, Sunil Kedar became Chairman of the NDCCB in 2000 and, in the first ever General Body meeting, he got the proposal regarding utilization of Bank money in the purchase-sale of Government Bonds passed in the meeting. 
• This way, Kedar misused his powers and caused huge loss to the Bank.

Courtesy:
Published On: Thu, Nov 28th, 2013
News Today | By Nagpur Today
http://www.nagpurtoday.in/mla-sunil-kedar-found-guilty-in-ndccb-scam-ordered-to-deposit-rs-300-crore-in-the-bank/

Kedar trying to ditch order on Nagpur Co-op bank scam; demand to seize his assets raised

Even as the former state Congress president and senior party leader Ranjeet Deshmukh wrote a letter to the Chief Minister Prithviraj Chavan, alleging leniency in taking action against Congress MLA Sunil Kedar to recover Rs 299 crore allegedly bungled in Nagpur District Central Cooperative Bank scam, Kedar has been reportedly cooking up tricks to defy the recent order issued by the department of cooperatives. The department of cooperatives in its order has asked Kedar to pay up the dues allegedly siphoned off during the tenure of Kedar as the chairman of the bank.

In his letter Deshmukh demanded immediate seizure of assets owned by Kedar in order to recover the dues. However Kedar has been applying tactics to buy time and calm down the fire, just to avoid making payment.

Sources sent out strong indications that the Congress MLA Kedar may cannily evolve strategy to ditch the dues. He most probably would secure a stay and thus defeat the intention of the order, the sources said.

Kedar is reported to have already moved an appeal before the office of the minister of cooperation.

The action against Kedar has been initiated under section 88 of the Maharashtra State Cooperative Act. This stipulates that the management has to be held responsible if there is a fraud or negligence in a cooperative bank. Sources keeping tabs on the affair assert if Kedar’s appeal is rejected by the cooperatives’ minister, the bank can move the High Court in the matter.

The bank’s chairman says he would soon hold a meeting and the recovery order would be a prominently discussed in the meeting.
Courtesy:
Published On: Thu, Dec 12th, 2013
News Today | By Nagpur Today
http://www.nagpurtoday.in/kedar-trying-to-ditch-order-on-nagpur-co-op-bank-scam-demand-to-seize-his-assets-raised/

Congress MLA KripaShankar Singh not grilled despite FIR in Scams

Mumbai: Activist Sanjay Tiwari has complained to the state police chief that former Congress city chief Kripashankar Singh has still not been interrogated despite an FIR filed against him. Tiwari’s PIL seeking a probe into the disproportionate assets of Singh was converted into an FIR by the Bombay high court early this year.

He said custodial interrogation is necessary to find out about the politician’s assets. The high court had directed the police to treat Tiwari’s petition as an FIR. The PIL questioned the wealth illegally amassed by Singh, his wife Malti Devi, son Narendra Mohan and daughter Sunita, son-in-law and daughter-in-law.

Their wealth allegedly exceeded Rs 350 crore. The court, after going through sealed copies of ACB reports, had even directed then police chief Arup Patnaik to personally head the special investigation team after going through reports submitted by the Anti-Corruption Bureau against Singh.

The police registered an FIR on February 28 under IPC and Prevention of Corruption Act and the Supreme Court has given the SIT time till October-end to complete the probe under supervision of new police chief Satyapal Singh.

The SIT has so far submitted two sealed reports to the SC on the probe. Tiwari’s counsel Ram Jethmalani had argued that the probe has been going on for the last two years, yet its progress remains unknown as reports have been confidential.

Last week, Tiwari wrote to the new police chief saying, “Neither Singh nor his relatives have been called for questioning.” No member of the Singh family has been arrested, nor has Kripashankar or his family sought anticipatory bail, Tiwari said, adding “two FIRs are already lodged and in the ordinary course any person in his place would have been arrested.” He said new facts had emerged since the FIR was lodged and said there was a likelihood that some family members may leave the country and it was important to impound their passports. Kripashankar’s counsel Mukul Rohtagi said he was abroad and unable to talk.

Kripashankar said since his “SLP was pending before the SC, it will not be proper for me to make any comment.”

Courtesy:
Swati Deshpande TNN
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