Exclusive News: Financial Scandal at New India Bank Exposed by Sprouts Special Investigation Team
• Political Influence and Financial Mismanagement at New India Bank
Unmesh Gujarathi
Sprouts News Exclusive
A major financial scandal has been exposed by the Sprouts Special Investigation Team at New India Bank, involving its president Ranjit Bhanu, his son Hiren Bhanu, and BJP MLA Ram Kadam. Sources reveal that the trio has been commercially linked, raising serious concerns about financial mismanagement and unethical business dealings.
• Illegal Loans and Unpaid Debts Create Financial Crisis
According to insider reports, MLA Ram Kadam exerted undue pressure on the bank’s board of directors, compelling them to sanction loans worth crores of rupees in blatant violation of banking norms. These loans, granted under political influence, have not been repaid, contributing significantly to the bank’s deteriorating financial health.
Further investigations by the Sprouts News Team suggest that Kadam leveraged his political influence to secure financial favors from the bank. In a questionable business transaction, he also rented out his own commercial premises to the bank at exorbitant rates. This arrangement, described as highly irregular, added an unnecessary financial burden on the institution, worsening its economic stability.
The failure to recover these massive loans has left the bank in a precarious position, with its liquidity and financial strength severely compromised. Banking analysts warn that if corrective measures are not taken immediately, depositors’ funds may be at risk.
Also Read: ICICI Securities Settles SEBI Cases with ₹110 Lakh Payment Amid Delisting Process.
The revelations have sparked widespread outrage, with banking regulators and opposition parties demanding an immediate probe into the financial dealings of New India Bank and its association with political figures. Calls for strict action against those responsible are intensifying, with industry experts urging regulatory bodies to enforce banking guidelines rigorously and prevent political interference in financial institutions.
Despite repeated attempts, neither Ranjit Bhanu, Hiren Bhanu, nor MLA Ram Kadam were available for comment. However, pressure is mounting for authorities to take swift legal action against those found guilty of misusing public funds for personal and political gains.
This developing story, first uncovered by the Sprouts News Team, underscores the urgent need for transparency and accountability in banking operations, ensuring that financial institutions function free from undue political influence and commercial exploitation.
The Sprouts News Team remains committed to standing by the customers of New India Bank, advocating for their rights, and ensuring their financial security amid this ongoing crisis.