Pimpri Chinchwad: Police Report Raises Questions About Fraud Complaints Against Seva Vikas Bank

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Pimpri Chinchwad, 14th March 2023: The police has submitted a report to the court regarding a fraud complaint filed by a young man under the MPID Act against Seva Vikas Bank, which was recently shut down by the Reserve Bank of India due to fraud allegations.

Numerous complaints have been filed by depositors from Pimpri-Chinchwad city against Seva Vikas Bank, raising questions about whether the complaints were filed out of misunderstanding.

The investigating officer stated that the complainant, Tarun Sharma, filed a complaint in November 2021 against the Board of Directors for not returning his deposits worth Rs 25 lakh, along with his parents’ deposits. However, an administrator had already been appointed on the bank, and as per RBI’s instruction, no amount over Rs 1000 could be given to depositors. The board of directors had no authority to return the money at that time. The officer concluded that Sharma filed the complaint out of misunderstanding, and a report has been submitted to the court to make the crime ‘C-Final’.

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Many small and large businessmen in the city also kept their deposits in Seva Vikas Bank. The Reserve Bank of India revoked the bank’s license after allegations of fraud, leading to the arrest of several directors.

In addition to fraud, other crimes were also reported, and more than 40 depositors filed complaints in various police stations, including Pimpri police station. However, the report submitted by the police to the court highlights the possibility of some complaints being filed out of misunderstanding.

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