RBI to probe Nashik bank scam — Minister

It may be recalled that the multi-crore sugar scam came to light after the Income-Tax authorities raided sugar trader Paresh Thakkar. When the IT officials froze the bank accounts of Thakkar it was discovered that eight banks in Nashik had already paid Rs 22 crore to him even before cheques submitted by him were cleared.

The freezing of accounts put the banks in a fix. The IT officials unearthed about Rs 17 crore of unaccounted money during the raids. One bank, the Nashik Merchants’ Cooperative Bank has filed a complaint with the Panchavati police station accusing Thakkar and three others, including the bank’s branch manager Suresh Joshi, of defrauding it of Rs 2.69 crore. The accused had sought anticipatory bail but the Nashik court rejected their plea. The eight banks involved in the case include the Nashik Merchant Cooperative Bank, the Godavari Cooperative Bank, the Sinnar Vyapari Bank and the Ganesh Cooperative Bank. The banks had "in good faith" allowed Thakkar to withdraw large amounts of money even before the cheques deposited by him were cleared.