A case was registered against 76 persons, including a former MLA, for alleged irregularities to the tune of Rs 512.54 crore in the Karnala Nagari Sahakari Bank headquartered in Panvel in neighbouring Raigad district, Navi Mumbai police said on Tuesday.
Former PWP MLA from Panvel Vivekanand Shankar Patil is the chairman of the cooperative bank and he has been named as an accused along with the vice-chairman, chief executive officer and several others who had obtained loans from the institution, an official said.
A press release from Navi Mumbai police said a case was registered for criminal breach of trust, cheating among others under provisions of Indian Penal Code, the Cooperative Societies Act and the Maharashtra Protection of Interest of Depositors Act.
It said the irregularities were revealed after an inspection of the bank's operations by the Reserve Bank of India led to a special audit of the lender's 17 branches.
The case was registered on the complaint of the state's commissioner for cooperation, the official said, adding that probe was underway and no arrests had been made as yet.
As per the website of the bank, it was established in 1996 under the Cooperative Bank Act after Vivekanand Patil received a licence from the RBI.
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