SIT to probe Maharashtra State Cooperative bank scam

Mumbai: Mumbai Police on Tuesday formed a special investigation team (SIT) to probe an alleged scam at Maharashtra State Cooperative Bank (MSCB), days after the Bombay High Court pulled it up for not registering an FIR in the matter.

The high court, last week, ordered the Economic Offences Wing of the police to file a first information report against NCP leader Ajit Pawar, a former director of the bank, and others for allegedly causing losses to the bank through their actions.

As per the FIR, registered on Monday, the state exchequer allegedly suffered losses of "Rs 25,000 crore" due to the scam between January 1, 2007 and December 31, 2017.