Kolkata: BJP MP Arjun Singh who was holding the post of chairman of the Bhatpara Naihati Cooperative Bank has been removed from the post on Sunday by the board of directors.
On September 6, during a meeting of the board of directors in presence of Singh and Chief Executive Officer (CEO), Partha Ghosal, a decision was taken to move a no confidence motion against him.
This comes after Singh was accused of siphoning huge amount of money by sanctioning loans to several firms and people using fake work orders issued by the Bhatpara Municipality. At the time of sanctioning of the work orders Singh was the chairman of the municipality as well.
Sources informed that despite Singh receiving the letter about the no confidence motion, he and two other directors were absent on Sunday when the no confidence motion was moved against him.
The 12 directors present while moving the no confidence motion voted for removal of Singh from the post of Bhatpara Naihati Cooperative Bank.
It has also been decided that a week later a voting session will take place to appoint the new Chairman of the bank.
It may be mentioned that police few days ago arrested the former CEO of Bhatpara Naihati Cooperative Bank, Chandranath Bhattacharya and a person, Avijit Chakraborty, who received a good amount of money as loan from the bank in connection with the bank scam.