May 1: A City Co-operative Bank (CCC) agent has disappeared with his family after collecting crores of rupees from unsuspecting depositors under various schemes floated by the bank. The Dadar-based bank has already issued a legal notice terminating Bhatt's services and is in the process of issuing public notices to alert people.

The accused, Rajesh Bhatt was earlier working with the Janakalyan Sahakari Bank at Lower Parel before his services were terminated in May 1996 after he committed Rs 2.5-lakh fraud, the bank's development officer B R Shetty has confirmed.

A resident of Ambulkar Sadan near Portuguese Church, 30-year-old Bhatt was with the the City Co-operative Bank (CCC) for nearly 7 years. Son of Mohan Bhatt, a well-known agent, the junior Bhatt enjoyed much goodwill in the area. Mohan Bhatt died in an accident in February this year. Residents say he committed ``suicide'' after learning of his son's misdeeds. Bhatt was operating several lucrative saving schemes offering interest rates higher than other banks. Bhatt, victims told Express Newsline, possessed a charming personality and a sweet tongue. Residents, requesting anonymity, revealed that Bhatt had many takers - middle-class Marathi-speaking people, hawkers and even affluent shop-keepers. Hundreds of them in congested localities like D'silva Road, N C Kelkar Road, Ash Lane, Senapati Bapat Marg, R K Vaidya Road, Ranade Road and Gokhale Road gave their hard-earned money to Bhatt every day. A majority of them are road-side vendors. In certain cases, Bhatt issued promisory notes on stamp-papers declaring that he had borrowed a loan from the client.

One of his clients, whose son had an account with Bhatt said: ``Since he (his son) did not study much, he started a small business. He would pay Bhatt Rs 100 every day. Recently he gave him Rs 50,000 pledged on a promisory note...he has lost all his life's savings.'' A month back, the news that Bhatt had left his home accompanied by his wife and child spread panic in the locality. When some people approached the Shivaji Park police, they were asked to furnish proof before a complaint could be registered. Bhatt's mother told Express Newsline she had fallen out with her son after her husband's death. Now, she is bearing the brunt of his clients' ire. The CCC General Manager, Arthur Rebello, was at pains to explain that the bank was in no way involved. He said his bank is settling claims that have records. He vouched for Bhatt's ``good work until a few months ago.

Having little or no faith in their elected representatives, a few bitter depositors approached former deputy municipal commissioner, G R Khainar, who directed them to deputy police commmissioner (economic offences) Sanjay Pandey. A sympathetic Pandey told them that he would be able to take charge of the case only if the total amount involved exceeded Rs 20 lakh. For now, he has directed them to the zonal DCP at Matunga.

The biggest hitch in the case is the reluctance of people to come forward. While well-off shop-owners don't want police to go through their accounts, others are just too willing to take the law into their hands. Senior inspector, Shivaji Sawant, when contacted said an officer would soon initiate inquiry based on `a single application' received so far.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.