Kolhapur: A fraud of around Rs 16 crore, in the Ravi Co-operative Bank, here was unearthed by the auditors involving the former bank chairman and 27 others, police said. The fraud was unearthed by the auditors, when they came across with 44 suspicious cases of loans sanctioned between 1999 to 2007, police said.
In many cases the liability of loans were not shown, illegal loans and same property was shown as mortgage in number of cases, police said and added that renewal of old loans without clearing the existing loans were also found. Criminal cases has been filed against 28 persons including the bank's former chairman Baburao Jadhav, police added.
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