The under-dealings of Bank of Baroda’s top authorities threatening clients finances

The under-dealings of Bank of Baroda’s top authorities threatening clients finances

Founded on 20th July 1908 by the Maharaja of Baroda and Maharaja Sayajirao Gaekwad III the Bank of Baroda currently has 107 branches in 24 countries worldwide.

However, despite being reputable and generating profits over the course of time, its Kenyan-based branch is facing liquidity issues along with its country director, A Saravanakumar who has resorted to unethical ways to shore up the banks dwindling balance sheet.

The arrogant managing director has formed a criminal enterprise and roped in fellow directors Ravi Kant Pathak and Rameshchandra Chunilal Mehta to engage in a looting spree from customers who have taken loans from the bank.

The axis of evil, known within the banking circles as the Three Maharaja Musketeers brag they are untouchable as they have the direct blessings of the bank’s Chairman Dr. Hasmukh Adhia and Shri Sanjiv Chadha, Managing Director & CEO.

“We were told to use any means necessary to ensure the Kenyan branch won’t collapse after years of mismanagement, and Dr. Adhia himself gave us the blank cheque to do whatever is necessary. Anyone with a problem should call Sanjic Chadha or the chairman himself. We are just working on their instructions,” bragged the Saravanakumar during a staff meeting.

Top Authorities at the Bank have been engaging in Criminal acts; [Photo/Courtesy]

The MD A. Saravanakumar and directors Ravi Kant Pathak and Rameshchandra Chunilal Mehta have also incorporated officials of the Kenyan judiciary into their criminal networking to rule in favor of them.

The trio reportedly has been spotted on several occasions meeting judges and magistrates in the bank’s head office openly during the day.

In mid-December judge Alfred Mabeya spent three hours in the afternoon at the bank’s headquarters where he met with the three directors. According to sources within the bank, by the time the meeting ended, an officer of the bank was sent to the strong room where Kenyan shillings 7.7 million in US currency were taken to the MD’S office, and thereafter, Judge Mabeya exited the premises with a heavy package.

Interestingly a week later, Mabeya was hearing a case pitting a disgruntled client against the bank. On 23 December, Mabeya called for a hearing and only allocated five minutes for the disgruntled client’s lawyer to put in submissions.

The lawyer argued that the bank had even filed in submission based on fake documents, and even provided a police statement where a lawyer, under OB 44/16/2021 FILED AT Central Police Station claimed his commissioner of oaths stamp was faked by the bank since he had never represented the bank.

Mabeya, fueled by the package he had received at the bank’s head office, ignored the glaring crime, since filing fake documents in court is a crime, but went ahead and asked the bank to file fresh submission, and ignored the fake ones.

He thereafter gave notice that he will rule on the case on 4 January. Shockingly the litigants as on 29th December, Mabeya sent an email from a holiday resort in Mombasa where his stay with his family was facilitated by the bank, that he is issuing a ruling within ten minutes on the same day.

Mabeya ruled in favour of the bank, and instructed administrators to take over the business. A credible source at the bank says a junior employee was the one sent to pay for Mabeya’s holiday at the coast and the three directors pushed the judge to issue a ruling while the judge was sipping pina colada’s by the beach side because they wanted their year to end on a high note, so that they can report back to India that they had managed to take over property worth billions to shore up the banks dwindling cash base.

According to Central Bank of Kenya, commercial banks, mortgage finance company and microfinance banks are required to always observe the daily CRR requirement of 3 percent and monthly average CRR of 4.25 percent. But Bank of Baroda, is a clearly indication of imminent collapse, is struggling to maintain a daily cash reserve of 3 percent and their reserve is now at 0.3 percent.

This means, if someone withdraws Sh 100 million from the bank, no other customer will be able to withdraw anything from the collapsing bank. If you have cash reserves at Baroda, its best to start withdrawing as the imminent fall of the bank is forthcoming.

This is not the first time Mabeya is being accused of unethical conduct. A few years ago, The Judicial Service Commission investigated Justice Alfred Mabeya after Pastor Patrick Wafula Kaburu, filed six allegations against the judge, claiming that the judge was influenced by some court officials and received bribes to dismiss his case.

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