The Madhavpura Mercantile Cooperative Bank (MMCB) on Monday appointed a lawyer to initiate the legal process for confiscating the properties of Ketan Parekh.
Parekh, the main culprit in the MMCB scam, has stopped payment of the installments in which he had agreed, under the one-time settlement scheme, to return the money he owes to the bank. Bank officials said Parekh still owes the MMCB more than Rs560 crore of the principal amount.
In another development, the bank’s auditor has raised doubts about the MMCB’s
financial health and its capacity to continue operations for long. The lawyer appointed by the bank has been directed to convince the city civil court in Mumbai to allow the MMCB to confiscate Parekh’s properties.
