September 27, 2021
Scam/Fraud

Osmanabad: Key accused in loan against sugar scam arrested

Aurangabad: The economic offences wing (EOW) of Osmanabad district police — probing the loan against sugar scam worth Rs 27.63 crore — has arrested a key official of the Vaidyanath Urban Cooperative Bank, headquartered at Parli in Beed district.
The arrested accused, identified as Nitin Chitale — who is the assistant chief executive officer of the cooperative bank — was produced before Kalamb-based court on Friday. He has been remanded in police custody for five days.
Osmananabad superintendent of police Raj Tilak Roushan told TOI, “Osmanabad district’s Kalamb based Shambhu Mahadev sugar mill obtained multiple loans from Vaijanath Cooperative Bank, Beed, between 2002 and 2017. For each loan, sugar produced by this mill was mortgaged. However, the mortgaged sugar bags were siphoned off and later the loan has also defaulted.”
A total of 1,54,177 quintal of sugar, which was mortgaged to the bank and kept in a…

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