It will be happy Diwali for depositors who have been struggling for two years to get back the money they put into the Ajit Cooperative Bank,put under a moratorium in September 2007. Nearly Rs 29.80 crore will be disbursed to 34,200 depositors of the bank with the liquidator submitting the claim to the Deposit Insurance and Credit Guarantee Corporation on August 25; each depositor will get up to Rs 1 lakh. The amount is likely to be disbursed before Diwali. Cooperatives Commissioner Krishna Lavhekar confirmed that the amount would be given in the first week of October - a move that will bring respite to at least 80 per cent of the depositors. The claim has been made and it will be expedited, said Lavhekar. There are about 35,000 depositors in all; the other 800 would get their money back soon,he said. We have property worth Rs 30 crore and we will be able to repay these depositors as well,said Wable. President of Sangharsh Samiti Trupti Desai,who has been leading the struggle,said this will bring some respite but they would continue their agitation till all depositors are issued cheques. The bank had got into trouble due to the disbursal of insecure loans amounting to Rs 38 crore. Its total deposits were Rs 52 crore against which it had extended loans of Rs 47 crore. Of this,Rs 37 crore was cornered by four people,all the banks officers,by creating around 100 bogus accounts. The issue came to light after the cooperatives department ordered a test audit through chartered accountants. Later the economic offences wing of the Pune police arrested Rajendra Korde,director of the bank. The police booked 23 members of the banks then director board,including Korde,his wife Neetu and former chairman Vilas Sarnobat,for allegedly misappropriating funds to the tune of Rs 38 crore.
