Mumbai Fraud News: FIR Filed Against Bank Officials In ₹1.83 Crore NKGCSB Case

Mumbai: The DB Marg Police have registered an FIR against senior officials and directors of the North Kanara Gaud Saraswat Cooperative Bank (NKGCSB) in a multi-crore banking fraud case. The complaint was filed by 63-year-old businessman Premanand Srinivas Shanbhag, a long-time member of the bank.

According to police sources, Shanbhag, who has been actively participating in the bank's annual general meetings for over a decade, raised concerns after discovering irregularities flagged during a forensic audit conducted in 2020–21 by Chetan Dalal & Co., as per Reserve Bank of India directives.

The audit reportedly revealed serious irregularities, including illegal fund transfers, fake accounts, and transactions made in violation of liquidation protocols. One of the most serious allegations involves the reopening of an account belonging to U.B. Engineering—a company that had been declared bankrupt in 2017 and assigned a liquidator, Sanjeev Maheshwari. Despite this, the bank allegedly reopened the company’s account in 2018 without the liquidator’s approval and carried out transactions worth ₹1.83 crore. These funds were then allegedly routed to various private entities and individuals.

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Those named in the FIR include NKGCSB’s Managing Director Chintamani Nadkarni, CFO Jagdish Banka, and other employees, who are accused of forging documents, authorizing unauthorized transactions, and bypassing court-appointed liquidation procedures. The Reserve Bank’s audit report had earlier flagged these irregularities, resulting in a ₹50 lakh penalty on the bank. DB Marg Police are actively investigating the matter further.