Ex-Congress MLC held for embezzling Rs 97.4 cr from co-op bank in Chhatrapati Sambhajinagar

Chhatrapati Sambhajinagar, Feb 7 (PTI) A former Congress MLC was arrested here on Friday for allegedly misappropriating funds of Rs 97.4 crore from a cooperative bank, police said.

A court here has remanded Subhash Zambad, a former member of the legislative council (MLC), in police custody till February 12, an official from the Economic Offences Wing (EOW) said.

He said that Zambad, the former chairman of Ajanta Urban Cooperative Bank, was booked in two cases for allegedly misappropriating funds of Rs 97.4 crore between 2006 and 2023.

"The initial amount misappropriated was Rs 97.41 crore. It has come down to Rs 67 crore after reconciliation. We arrested him from his residence in the CIDCO area and produced him in court. He has been sent to the police custody till February 12," the official said.

He said the cases against Zambad were registered in October 2023, and the accused later approached the Supreme Court for anticipatory bail, which was rejected.

The accused had been absconding for nearly 15 months, the official said. PTI AW ARU

Source: PTI