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The alleged scam came to light when the CBI started investigating the misappropriation of funds given to a few people by the bank officials. The chairman of the bank, bank officials and all the beneficiaries who had availed the loan were accused in the scam.
The bank had launched a scheme to disburse loans to the needy unemployed people looking to earn their livelihood. Some loans were disbursed to purchase buffaloes and setting up small factories. It was alleged that the bank had refused the loan amount to the deserving persons and had nexus with anti-social elements.
It was also alleged that they had disbursed the loan amount after conniving with them. They also pocketed huge money and did not recover the amount from the beneficiaries. But the court found the loans were paid back by the beneficiaries in time along with the interest fixed by the government well before the investigations.
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