DEHRADUN: A delegation of depositors has approached Uttarakhand Chief Minister Pushkar Singh Dhami, alleging large-scale financial irregularities at an urban cooperative bank in the state capital that have left deposits worth nearly Rs 124 crore inaccessible following regulatory restrictions.
The nearly 50-member delegation, led by Social Welfare Minister Khajan Das, met Dhami at his official residence. It included authorised representative Achin Gupta and 80-year-old depositor Manju Jham, who was among those reportedly affected.
Briefing Dhami on the alleged irregularities, Gupta said customers had deposited their life savings in the bank, believing it to be a safe and regulated financial institution.
“Depositors entrusted their lifetime earnings to this bank. However, regulatory restrictions imposed on its operations have now blocked access to deposits totalling around Rs 124 crore,” Gupta said.
The delegation claimed the crisis was not merely the result of a business failure but pointed to “planned and prolonged financial irregularities”. It sought a comprehensive investigation into the role of the bank’s chairman, board of directors, management and employees.
“The available facts and circumstances suggest that the bank’s deteriorating financial condition may be the outcome of criminal acts. The role of those controlling and managing the institution must be investigated,” Gupta said.
Depositors alleged that the chairman’s post had remained under the control of one family since 1998. They claimed Mayank Mamgain succeeded his father, former chairman Rakesh Mamgain, raising concerns over the concentration of authority and its possible misuse.
The delegation further alleged that several people appointed to the bank’s board were directly or indirectly related to the chairman. It named Rajkumar Singh, Chandni Kukreti, Chandra Devi, Abhinav Kumar, Praveen Dabral, Harish Krishna Raturi and Neha Mamgain among the directors whose appointments should be examined.
Khajan Das and Gupta also questioned how the alleged irregularities went undetected during audits conducted by Reserve Bank of India-appointed auditors between 2012-13 and 2025-26. They described the failure to flag the purported lapses over such a long period as “highly suspicious”.
The depositors also alleged that prescribed eligibility standards were overlooked during staff recruitment. They claimed Ankuz Kukreti, Bhupesh Uniyal, Santosh Bhatt and some other employees allegedly related to the chairman were appointed on high salaries.
Taking serious note of the complaint, Dhami directed Inspector General of Police, Garhwal Range, and Dehradun Senior Superintendent of Police Pramendra Dobhal to initiate immediate action.
Officials said the process for a high-level inquiry would be initiated to examine the allegations and explore measures to address the depositors’ concerns.