ASCARD Bank Manager Arrested Over Alleged Financial Irregularities

Hailakandi: In connection with alleged financial irregularities, the Manager of Assam State Co-operative Agricultural and Rural Development (ASCARD) Bank, Hailakandi branch, Ashok Chandra Mitra, was arrested by Hailakandi police on Thursday.

The Hailakandi branch of the ASCARD Bank has remained closed for more than a year, while a number of its sub-branches across the district have been kept locked. Hundreds of depositors, unable to access their savings, have expressed frustration and concern over the fate of their hard-earned money deposited in the bank.

Police sources confirmed that a case has been registered against Mitra under several sections of the Bharatiya Nyaya Sanhita (BNS): Sections 318(4), 316(2), and 3(5). According to reports, these charges pertain to alleged misappropriation of funds and cheating of account holders.

Local depositors and investors staged a protest in large numbers outside the Hailakandi Police Station, demanding stern action against the bank's management. Protesters alleged that despite depositing savings over the years, the bank suddenly stopped operations and locked its offices without prior notice.

Statements from several customers declare that almost ₹8 crore of public money had been deposited in the Hailakandi branch, which reportedly remains unrecovered. The arrest of the branch manager has given a ray of hope to affected depositors, who have been demanding recovery and full accountability from the cooperative bank authorities.

The police said the investigation was still ongoing, and further legal actions would be taken in light of the findings of the investigation. Meanwhile, the incident has brought into sharp focus the plight of depositors, with a pressing need for regulatory oversight and further measures to protect public savings in cooperative banking institutions.

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