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Journalism of Courage
Metropolitan magistsate S M Bhosle on Sunday remanded Sunil Ganacharya Samajwadi Party councillor to two days police custody for alleged misappropriation of funds worth Rs 3 crore.
Sources said that Ganacharya was a bank manager of the Vinkar co-operative bank, Kurla, in the early nineties while his elder brother Vijay was the bank chairman. Ganacharya had sanctioned a loan of Rs 2.75 crore with the approval of a former Congress MP to Komal Enterprises.
They were authorised dealers of Advani Oerlikon, dealing in electrodes and welding accessories. The bank repeatedly sent notices to the proprietor of the trading companies as it found difficult to conduct daily transactions owing to insufficient funds. In turn the bank auditors found the bank authorities not forthcoming despite notices. Police sources suspect involvement of many highly connected persons. Further investigations are on.
