Depositors of scam-hit Urban Co-operative bank to get money back

Bhubaneswar: State Cooperation Minister, Surya Narayan Patro today assured that account holders of scam-hit Urban Co-operative Bank in Bhubaneswar with cash deposits up to Rs 1 lakh will get back their money.

According to sources, there are 1600 such depositors who will be getting their deposits back.

While addressing a press conference Patro said,”All arrangements have been made by the government to pay money to account holders who deposited cash up to Rs 1 lakh. I have asked the police to take action against the loan defaulters. One ex-manager Udaynath Sahu who was nabbed by Economic Offence Wing on charges of stealing loan files worth Rs 5.28 crore is now out on bail.”

Patro added that he has directed officials to move the Supreme Court to cancel his bail and seize all his property.

Currently, 7 Urban Co-operative banks including the one at Bhubaneswar have been declared insolvent following the Rs 5.28 crore scam.