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Stock scam fallout continues

Second Indian bank closed
NEW DELHI, June 20: A second Indian bank was closed Friday in the fallout of the onc-billion-dollar Bombay stock market scam, the Press Trust of India (PT1) said, reports AFP.
The Reserve Bank of India (RBI) announced in Bombay that the Metropolitan Bank Limited, based In Bombay had been ordered liquidated. PT1 said.
The Metropolitan Bank was found to haw Issued fraudulent bank receipts amounting to 13 billton rupee (433 million dollar) in the scam. Its total working capital was less than 80 million rupee (2.6 million dollar).
The government accuses a banker-broker nexus with siphoning off government bonds to play the markets during a recent stock market boom.
The first bank shut down in the scandal was the Bank of Karad, which faced a similar charge.
Meanwhile. Mehta's lawyer said Friday that his client
acted within the law when he used loopholes lo play Ihc stock markets with millions of dollar of government bonds diverted from banks.
A Reuter report adds: The Reserve Bank of India (RBI) insists that Australia and New Zealand Banking Group Ltd (ANZ. AX) unit ANZ Grind lays plc make a provision of five billion rupee to cover possible losses from exposure to the Indian securities scandal, a se-
. nior RBI official said.
There has been no change in our stand," the official told Reuters by telephone from Bombay
ANZ has denied Involvement in the 30 billion rupee scandal, the country's worst, and disputed the central banks directive.
The official said Bob Edgar, ANZ’s chief executive officer in India, on Wednesday met RBI deputy governor R Janakiraman, who is conducting a probe into the bank's involvement in the scandal.
The RBI had asked ANZ and
the State Bank of India (SBI) lo make provisions to cover possible losses in securities transactions with the National Housing Bank (NHB). a central bank subsidiary
The RBI's directive was aimed al recovering money NHB paid through two cheques which the central banks says went into the account of “Big Bull" broker Harshad Mehta, who is al the centre of the scandal.
Standard Chartered plc (STCH. L) made a provision of 50 million sterling to cover its possible losses against an RBI estimate of 376 million US dollar as the bank's exposure in the scandal.
Newspapers Saturday noted the move-came on the eve of a visit by Indian Prime Minister PV Narasimha Rao lo Japan where he is hoping to win approval for quick disbursement of a 500 million dollar loan.
Tokyo is India's largest aid donor, but investments have only started to pick up in the past year.