In one of the biggest ever financial scam, the name of Goa’s leading co-operative bank has been exposed by the local TV channel. According to the sources, the bank officials have sold prime properties worth crores of rupees for few lakhs in an auction, shockingly many of these properties are sold by the bank to the relatives of their own employees at the fraction of an actual amount. One of the leading local news channels of Goa has unearthed several crores of rupees scam in the prevailing scheduled co-operative bank.

It may sound weird to you that the officials of the Goa’s leading scheduled co-operative bank have sold the premium properties situated in Panaji and Porvorim worth crores of rupees just for few lakhs, but it is true. One of leading local TV channel in the state had surfaced the prevailing financial scam in the bank by bringing the documentary evidence in front of the public.

According to the sources, the bank officials had sold dozens of properties situated in Panaji and Porvorim for peanuts. The finest example of this is one of the properties worth Rs. 72 lakhs had been auctioned by the bank for just Ra. 12 lakh which is almost 6 times lesser than the actual cost.

The Goa State Co-operative Bank Limited had always remained in controversy due to various reasons and the misappropriation is not the new game. In the past, there are several cases wherein the directors of the state’s co-operative bank had to face to the legal action for the misappropriations.

Meanwhile coming back to the existing scenario, the Goa State Co-operative Bank had sold the mortgaged properties worth rupees 50 lakhs to one crore for mere 4 to 5 lakhs rupees in an auction. The rates of the properties attached by the banks shown the decrease of several lakhs of rupees in past 10 to 20 years, while at the same time the property market was booming in the state.

The local news channel had recently exposed the irregularities and high level of financial fraud existing in the bank. According to it, Goa State Co-operative Bank officials with Government valuation officers has decided the rates of the hot properties of the bank. The most shocking things here is, the bid amount by concern parties has already deposited in a bank account prior to the auction of properties. The following example will make it clear as for how the officials cheated the bank.              

As per the records of the auction proceedings, it has been found that one of the apartments situated in the Immaculate residency Panaji was called for an auction on 28-10-2011. However, the bid amount of 4 lakhs was already credited to the loan account of concern loanee in advance on 30-09-2011.           

In another case, the notice of an auction was published in the newspaper on 13-06-2009 and the auction was supposed to be held on 18-06-2009. However, it is found that out of accepted bid amount of Rs 37 lakhs, Bank had received an amount of Rs 22,00,000 in advance installment prior to the date of publishing of auction notice in the following manner. Rs. 500,000 on 04-06-2009, Rs. 10,05,000 on 06-06-2009 and Rs. 6,95,000 on 09-06-2009.


Here is the list of some of the high-value properties that has been sold by the bank officials at the price much less than the valuation.

  1. The cost of property Rs. 72,87,500 sold by an auction for Rs. 12,86,000
  2. The cost of property Rs. 79,74,000 sold by an auction for Rs. 59,00,000
  3. The cost of property Rs. 59,97,300 sold by an auction for Rs. 50,00,786

Here is the list of properties that had been devaluated by almost 10 times of the cost at the time of an auction

  1. The cost of property in 1996 Rs. 80,00,000 sold by an auction in 2004 for Rs. 08,04,500
  2. The cost of property in 1997 Rs. 35,64,000 sold by an auction in 2004 for    Rs. 13,00,000
  3. The cost of property in 1996 Rs. 12,00,000 sold by an auction in 2006 for    Rs. 04,25,000
  4. The cost of property in 1997 Rs. 59,40,000 sold by an auction in 2004 for    Rs. 09,05,850
  5. The cost of property in 1997 Rs. 66,87,500 sold by an auction in 2004 for    Rs. 25,00,000
  6. The cost of property in 1997 Rs. 1,17,40,000 sold by an auction in 2004 for Rs. 46,01,000

Here is the list of properties on which the loans were sanctioned showing higher values but the same was sold at much lower rated at the time of auction

  1. The cost of the property in 2003 Rs. 99,04,500 and property sold for Rs. 25,00,000
  2. The cost of the property in 1995 Rs. 87,46,200 and property sold for Rs. 65,00,000
  3. The cost of the property in 1996 Rs. 5,33,00,000 and property sold for Rs. 1,30,00,000   
  4. The cost of the property in 1996 Rs. 29,76,700 and property sold for Rs. 07,00,400
  5. The cost of the property in 1996 Rs. 1,80,68,250 and property sold for Rs. 95,00,000
  6. The cost of the property in 1996 Rs. 2,90,11,350 and property sold for Rs. 1,36,52,400
  7. The cost of the property in 1994 Rs. 14,00,000 and property sold for Rs. 04,50,000
  8. The cost of the property in 2003 Rs. 39,50,000 and property sold for Rs. 13,00,000

If you take into the consideration a bank procedure, they can sell the mortgaged properties to recover the loan amount at the prevailing market rates to the highest bidder and in case if the recovery is more than the loan amount, an access amount is be handed over to the loanee. But here in the case of Goa State Co-operative Bank Limited, they sold the mortgaged properties at much lower rates than the prevailing rates in the marketplace, and thus caused the losses to the bank as well as the owners of the property. Surprisingly all these properties are sold to the relatives of the Bank Staff, Politicians, Businessmen & Builders. 

This is the clear case of a high-level fraud that is going on, in the bank, for quite some time, and only the small part of it has been surfaced by the local television channel after acquiring the relevant documents from concerned authorities.

What is your opinion on this? Do you think, that there is a need for a high-level inquiry to unearth more such misappropriations happening in the bank? Please leave your valuable comments and suggestions on this serious issue.

SOURCE: PRUDENT TV

IMAGE SOURCE: WIKIMEDIA

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