It once helped an entire displaced community begin life afresh, it loaned them money to educate their children.But a year after the crash of the single-branch Jai Hind Cooperative Bank, Fort, it hit another low on Saturday when its general manager was arrested for allegedly siphoning Rs 36 crore from the accounts of the charitable educational trust, Hyderabad (Sind) National Collegiate Board. J.K. Lalchandani is now in a cell at the Crawford Market office of the Economic Offences Wind (EOW) of the Mumbai police.In its remand application, the EOW said Lalchandani’s custody was required as he was not cooperating with the police and had destroyed documents vital to the investigation. An Esplanade metropolitan court has allowed Lalchandani’s custody till December 13.The EOW said Niranjan Hiranandani, chairman of the Collegiate Board filed a complaint for ‘theft and embezzlement’ of funds against publishing magnate Ashok Advani.Advani was a director at the bank when it racked up NPAs. Advani deposited the Board’s funds in the cooperative bank, transferred money to his accounts, and later withdrew cash, a statement filed by Board Secretary J.K. Bhambani said.
