It has been 23 years since the Madhavpura Mercantile Co-operative Bank scam involving crores of rupees, yet there has been no resolution or justice for its account holders. The bank's Managing Director, Devendra Pandya, passed away recently, following the death of its chairman, and now depositors are left waiting for their money, with no one held accountable till now. Many fear that the mastermind behind the scam, stock market operator Ketan Parekh, might escape unpunished as well.In 2001, Madhavpura Mercantile Cooperative Bank collapsed after granting illegal loans worth Rs 1,020 crore to companies linked to Parekh, severely impacting over 70 banks and leaving more than 50,000 depositors at a loss. Despite charges filed in 2023 against Parekh, the bank's MD Devendra Pandya, and Jagdish Pandya, delays have hindered progress. The bank's chairman, Ramesh Parikh, and Devendra Pandya passed away, resulting in the dismissal of cases against them.The CBI filed cases against Parekh and others, granting Parekh bail under the condition of repaying Rs 300 crore. However, legal complications and procedural delays have prevented convictions. Though the government invested heavily in hiring special prosecutors, no funds have been recovered for the depositors. Legal experts now warn that holding bank officials accountable may be increasingly difficult.

23 years on, hope fast fading for victims

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