India, Feb. 28 -- Nearly five years after the Bombay High Court directed the registration of an FIR into alleged massive irregularities at the Maharashtra State Cooperative (MSC) Bank, a special court on Friday accepted the Economic Offences Wing's C Summary report, formally closing the case in which several former directors of the bank were named.

The prosecution was set in motion after the high court, acting on a public interest litigation (PIL) that relied on inspection and audit findings, held that the material placed before it disclosed a cognisable offence and ordered the police to investigate.

The FIR that followed named more than 70 former directors and officials of the apex cooperative bank. It was alleged that large loans were...