By Arun Pratap Singh
Garhwal Post Bureau
Dehradun, 15 May: Dehradun Police have registered a case against five former officials of the Urban Cooperative Bank after a forensic audit exposed large-scale embezzlement and fraudulent entries between 2013 and 2016. Acting on the complaint submitted by branch manager Rinku Gautam, City Police Station booked former secretary of the bank RK Bansal, software engineer Ganesh Chandra Varshney, former branch manager Mahavir Singh, Sanjay Gupta and executive branch manager Vijay Mohan Bhatt under charges of cheating, criminal conspiracy and breach of trust. The complaint alleges that the accused colluded to manipulate records, diverted funds into private accounts and caused crores of rupees in losses to the bank.
The forensic audit revealed serious discrepancies in accounts and ledger entries, pointing to systematic manipulation. Departmental inquiries also indicated that assets were created using bank funds, further corroborating the allegations. Police said the accused misused money for personal gain, damaging the institution’s credibility and eroding customer trust.
It may be recalled that this case is part of a wider crisis that has engulfed the Urban Cooperative Bank in Dehradun. Earlier, the Reserve Bank of India had imposed restrictions on the bank, capping withdrawals and placing it under a moratorium after irregularities were reported. Nearly Rs 124 crores belonging to around 9,000 depositors remains stuck, while non-performing assets have been estimated at Rs 38 crores. The loans in question were stated to have been approved and disbursed without adequate guarantees, often to favoured individuals, leading to mounting defaults. The customers, including the contractors from the municipal corporation and public works department, have expressed deep concern over their locked deposits.
Allegations have also surfaced that the bank was effectively controlled by one family, with former chairman Ramesh Mamgain handing over leadership to his son, Mayank Mamgain. The borrowers linked to influential circles allegedly received loans without proper scrutiny, hollowing out the institution. Depositors have questioned why annual audits failed to detect irregularities earlier, raising concerns about regulatory oversight.
While the accused have been booked for fraud, the larger challenge remains the recovery of funds and restoration of depositor confidence. With RBI restrictions still in place, the future of the bank hinges on corrective measures and, strict enforcement of cooperative banking regulations.
