Ahilyanagar | 3.6 | Rayat Samachar
(Urban Bank) Eight years have passed since the alleged ₹22 crore scam at the Pimpri-Chinchwad branch of Nagar Urban Bank, yet depositors are still awaiting justice due to the lack of decisive action against the accused, questioned Rajendra Gandhi, chief campaigner of the Urban Bank Protection Committee and former bank director.
(Urban Bank) According to Gandhi, the alleged fraud involving ₹22 crore came to light on 31 March 2018. He claimed that the then chairman, directors, and senior officials of the bank were directly involved in the irregularities and that the matter was deliberately concealed. He also alleged that auditors were influenced, preventing serious issues from being reflected in audit reports.
(Urban Bank) Gandhi stated that after the alleged irregularities came to the notice of the Reserve Bank of India, concerns arose regarding the bank’s survival. Consequently, the existing board of directors was dissolved, and an administrator was appointed from 1 August 2019.
The administrator subsequently filed a criminal complaint at the Pimpri-Chinchwad Police Station in January 2021. While some directors, borrowers, and associated individuals were arrested, Gandhi alleged that many others obtained anticipatory bail after citing disruptions caused by the COVID-19 pandemic.
He further claimed that despite apparent losses suffered by depositors, investigators did not register cases under the Maharashtra Protection of Interests of Depositors Act. He also alleged that no serious efforts were made to seek cancellation of the accused persons’ bail after pandemic-related restrictions ended.
According to Gandhi, investigators took nearly four years to complete the probe, with the chargesheet eventually filed in April 2025. However, he alleged that many accused persons have failed to appear before the court during subsequent hearings and that law enforcement agencies have not made adequate efforts to secure their presence.
He criticized the repeated postponements of proceedings due to the issue of “Production of Accused,” arguing that the matter has become a case of continuous adjournments while the accused remain free. He also noted that depositors have yet to recover their full deposits.
“Eight years have passed since the alleged fraud. How many more years must depositors wait?” Gandhi asked.
The next hearing in the case is scheduled for tomorrow, and depositors are closely watching the proceedings.
Contents