The Economic Offences Wing (EOW) of the Mumbai police on Monday registered a first information report (FIR) against directors of the Maharashtra State Cooperative Bank for allegedly disbursing fraudulent loans leading to losses to the tune of crores of rupees. While no one has been named in the FIR yet, the bank’s directors, at the time of the alleged offence, include senior Nationalist Congress Party leaders like Ajit Pawar, Vijaysinh Mohite Patil and Anand Adsul.Joint Commissioner of Police (EOW) Rajvardhan Sinha confirmed that the FIR was registered on Monday. The Bombay High Court (HC), which is hearing a public interest litigation (PIL) regarding the case, had last week directed the EOW to register an FIR in the matter within five days. “We have only mentioned directors of the bank as the accused in the FIR for now, and further action will be based on investigations,” Mr. Sinha said. The FIR has been registered under the relevant sections for cheating and forgery under the Indian Penal Code.The HC issued the directive on a PIL filed by activist Surinder Mohan Arora, who alleged lack of police action on his complaint regarding the fraud.The PIL was filed on the basis of a National Bank for Agriculture and Rural Development inspection report in 2011, which indicated widespread malpractices while granting loans amounting to crores of rupees by the bank to various cooperative sugar factories. The report indicates that the losses caused to the MSC Bank were to the tune of ₹2,061 crore.The HC Bench had last week observed that the report indicates bank records were forged and profits were fraudulently declared, and that non performing asset accounts were kept hidden while sanctioning illegal loans.
Multiplatform TV search and recommendation firm ThinkAnalytics said it had a “record-breaking financial year” for the 12 months ending June 30 after almost doubling its subscriber base from 70 to 130 million licenses.The firm also said it expanded its customer portfolio to 52 operators worldwide, introduced support for five new languages bringing the total supported to 17, and recorded 100% growth in both revenues and profits.“We think our growth is proving that as recommendations solutions get more and more sophisticated, the value of bringing ten years of real field deployment is very important to our customers as they continue to build the best proven solution for their customers and marketing objectives,” said Eddie Young, Chairman ThinkAnalytics.Peter Docherty, founder and chief technology officer, ThinkAnalytics, added: “We see a significant lift in VOD and live TV viewership after our recommendations platform is deployed. Our service provider customers are given a great deal of flexibility in how the recommendations interface with their customers, 50 percent lift is not unusual, with some operators seeing even higher returns.”ThinkAnalytics offers its recommendations engine as both a traditional, on-premise solution and as a cloud-based service. Its customrrs include Liberty Global, Cox Communications, BSkyB and Virgin Media.