Seven persons, six of them employees of a co-operative bank in Thane, have been booked for allegedly defrauding customers and the bank to the tune of around Rs 7 crore, police said on Saturday. The alleged crime took place at Lok Puram branch of the CKP Co-operative Bank. These seven persons indulged in malpractices to defraud the bank's customers and the lender to the tune of Rs 6,92,19,047, said Phanse. They tampered with the bank's computer system and software to facilitate these illegal transactions, police said, adding no arrest has been made. The bank was under an administrator between 2012 and 2015 after the RBI dissolved its board following complaints of mismanagement in its functioning.

Source: dna November 26, 2016 11:24 UTC