Mumbai, May 15: In a strong condemnation of the alleged fraud in co-operative banks in Maharashtra, the Bombay High Court has asked government bodies to avoid depositing money with these banks to prevent “further loss”.
“It is a matter of concern, particularly in the state of Maharashtra, that crores of rupees of public money have been lost due to fraud played in co-operative banks,” the High Court said.
Therefore, the “directions issued by the state from time to time to invest or deposit the money with cooperative banks require a serious reconsideration and, in my opinion, recall thereof in order to avoid further loss of public money,” Justice A B Chaudhari said.
The High Court, which is dealing with a petition filed by Municipal Commissioner of Akola regarding a case of corruption against him, also said that only a provision of life sentence could deter the “cancer of corruption”.
–PTI