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The NAMCO bank provided loan to Dr Baliram Hiray Higher Secondary School. linked with a NCP leader from Nashik, in 1998 for construction of a building
Nashik: The Nashik Merchants' Co-operative Bank (Namco) has sealed a school for its alleged failure in repaying loan of Rs 56 lakh, sources told PTI on Wednesday.
Dr Baliram Hiray Higher Secondary School is run by Anand Education Sanstha that is linked to Nationalist Congress Party (NCP) leader and Nashik's former Member of Parliament (MP) Devidas Pingale.
The bank had provided a loan to this educational institute in 1998 for construction of a building.
The bank had earlier put the organisation in defaulters' list and issued notices against it.
"We have sealed eleven classrooms and the head master's office yesterday as per order of Nashik collector," bank sources said.