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Arrest warrants against 14 MBSBL directors

india Updated: Jan 20, 2007 03:36 IST

CIVIL JUDGE Class I A K Sharma has ordered issuance of arrest warrant against 14 former board of directors (BoD) of Maharashtra Brahman Sahkari Bank Limited (MBSBL), which has gone into liquidation. This includes Milind Mahajan, son of national BJP vice-president and Indore MP Sumitra Mahajan. The judge has asked them to depose before the court on January 25. 

One of the depositors Madhusudan Bhusari had lodged FIR against 15 persons including its former president Professor Yashwant Dabir at Central Kotwali last year charging them with swindling their deposit money. Besides, former Bank chairman Anil Kumar Dhawaiwale had complained in detail about the financial irregularities committed by the BoD between 1997-2005 to state Co-operative Department, Reserve Bank of India and other concerned agencies.

While Dabir and ex-direct Basant Mhaskar have already been arrested, the others are moving scot-free despite grave economic offences registered against them. The accused have been charged with granting credit limits, loans worth crores of rupees to their kith and kin including BJP, Congress, RSS leaders against the banking norms. Detecting grave financial irregularities, RBI cancelled banking license of Maharashtra Bank in September 2004.

The police have been avoiding arrest of the accused due to involvement of Milind Mahajan. Responding to this, BJP MP had been telling media persons that her son was made accused out of political vengeance and that he was not party to eight-point allegations levelled in FIR.

However, Dhawaiwale has refused to buy her story. “Milind must have attended atleast 150 meetings of board of irectors between 2002-04. So how can he deny responsibilities of whatever went wrong.

Together, they have swindled money worth Rs 25 crore,” he told Hindustan Times. Dabir, a former economics professor, absconded after irregularities were traced and was arrested three months back.