Former Allahabad Bank director raised objections against further loan to Geetanjali jewellers

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Former director of Allahabad Bank give a new twist to the 11400 crore banking scam which becomes the most talked about matter in the country. He put serious allegations on Mehul Choksi of Geetanjali jewellers for not repay 1500 cr loan given to him by the bank. He further raised objections against sanctioning further 50cr loan to the same party and later was forced to resign from the post.

The former director of Allahabad Bank now lives in Vadodara said he was appointed as government nominee director of Allahabad Bank on 1st August 2012. In the managing committee board meeting at Delhi there was one of the agenda regarding Geetanjali jewellers where the proposal was to restructuring the 1500cr loan and sanctioning new 50cr loan to the party.

He raised objections against the proposal but according to him the management didn’t listen to him. He then give his Decent note but the management didnt count it. Later he forwarded his Decent note to RBI Deputy Governer and Banking Secretary about not in the favour of sanctioning loan to Geetanjali jewellers.

He said that the pressure was building on him after he raised objections and later forced to resign from the post of the director much before his three years tenure ends.

With all these allegations there is now a new twist to the scam which shook the country.

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