'Customer Dragging Us In Personal Dispute': Bharat Co-operative Bank Denies Role In Senior Citizen's ₹24 Lakh Loan Fraud Allegation

Mumbai: The Bharat Co-operative Bank has clarified its stand regarding the alleged cheating of a senior citizen and the fraudulent transfer of a loan of Rs 24 lakh approved in her name to another account. The bank has claimed that the customer Shubhlaxmi Shetty, 61, is dragging their name with mala fide intention into a personal dispute with one Naveen Shetty, who helped her secure a loan.

About The Case

As per the bank’s statement, “Shubhlaxmi Shetty availed a loan of Rs 24 lakh against her fixed deposit and transferred it to the account of Naveen Shetty. Within 10 months, she paid the entire loan amount, along with interest, to the bank. However, due to her dispute with Naveen Shetty, she is dragging the bank’s name in a personal dispute.” The bank clarified that they are functioning within the framework of Banking Law and Practice.

The Bank further stated that the loan account was opened and Rs 24 lakh was disbursed as per the request of Shubhalaxmi Shetty at the Mulund (W) branch. She requested that the branch manager remind her that she had forgotten to carry a cheque book. Considering her age and her banking relationship since 1993, the branch manager acceded to her request, allowing her to transfer the amount by her written instruction through a withdrawal slip, which was duly signed by her for transferring the amount to the account of Naveen Shetty.

“Accordingly, an SMS was also sent to the registered mobile number of the complainant. Within 10 months, she repaid the entire loan amount and closed the loan account on February 26, 2020,” as per the bank. Shubhlaxmi Shetty filed a complaint against the bank before the Banking Ombudsman. The same was rejected by the authority on April 12, 2023.

Thereafter, she approached Judicial Magistrate, First Class 66th Court at Andheri against the bank and its directors and managers, and Naveen Shetty. The bank filed a reply before the court, which passed the order on May 29 this year. The court ordered that the complaint be sent to the police station for investigation by a senior police inspector of Powai police station against accused numbers 1 to 3 only (the bank, the branch manager and Naveen Shetty) and submit the report, if any, as early as possible.

news