Valsad Mahila Nagrik Sahakari Bank, a bank that has been operating for 49 years, is in dire financial straits. The bank’s manager, Soham Desai, is alleged to have perpetrated a large scam by issuing fraudulent loans exceeding Rs. 4.5 crore to Vapi resident Jayesh Singh Thakur, his wife Kavita Thakur, and their son Anshu Thakur. This has caused a run on the bank, with a significant number of depositors lining up to withdraw their money. Consequently, the bank’s board of directors has been forced to suspend withdrawals of Fixed Term Deposits (FDs) before their maturity date. However, they have assured that FDs that have matured will be paid out.
The bank’s board of directors held a press conference today, placing the entire blame for the scam on manager Soham Desai. In an attempt to salvage the bank’s financial situation, they have made the difficult decision to temporarily halt withdrawals of FDs that have not yet reached their maturity date. The press conference was attended by prominent figures of the bank, including the current chairperson Bhuvneshwariben Desai, managing director Jaswikaben Desai, and former chairperson Sudhaben Parmar.
During the press conference, the bank acknowledged the existence of a multi-crore rupee scam and admitted that the manager was responsible. Soham Desai is alleged to have approved loans for Jayesh Singh Thakur, his wife Kavita, and their son Anshu under false pretenses. The bank also conceded that Jayesh Singh had withdrawn cash from the bank, and that these withdrawals went unnoticed by the bank’s trustees, further exacerbating the current crisis.
