The ED on Friday conducted raids in and around Maharashtra’s Pune district in connection with its money laundering probe against a local cooperative bank, promoted by a former NCP MLC, linked to an alleged fraud of Rs 71 crore.
The central probe agency said in a statement issued in New Delhi that the action was carried out against Shivajirao Bhosale Cooperative Bank. It is promoted by former NCP MLC Anil Shivajirao Bhosale.
The Enforcement Directorate (ED) claimed that “more than 90 per cent of the loans from the bank are non-performing assets (NPA)”.
“During the search operation, incriminating documents have been recovered and seized, including digital evidences, under the Prevention of Money Laundering Act (PMLA),” it said.
Last year, the Pune police had registered a case against Bhosale, the prime accused in the case, his wife and some others for alleged forgery, misappropriation and cheating.
The ED took cognisance of this FIR to file a criminal case under the PMLA.
The police had booked Bhosale (56), the director of the bank, another director Suryaji Pandurang Jadhav, chief executive officer (CEO) Tanaji Dattu Padwal and others.
It had arrested Bhosale and he is in jail at present.
“Accused persons including Anil Shivajirao Bhosale have been charged with committing offence of siphoning off money from the bank. It is found that there was cash discrepancy of nearly Rs 71 crore,” the ED said.
It alleged that the bank “had not complied properly with the internal audit, RBI audit, and inspection audit.”
“Borrowers and guarantor’s financial statement and repayment capacity was not considered before sanctioning of the loan,” it said.
In most of the cases, the ED alleged, the bank did not conduct post-sanction verification.
“Periodical inspection of primary and collateral securities were not done. Bank did not obtain latest valuation report for loans against property.
It is revealed that the bank has violated guidelines of RBI as well as cooperative department while disbursing advances.”
“Many advances were unsecured but the banks treated them as secured,” it said.
Even though, some of the accounts were marked as NPA and their account balance was lying outstanding, their properties were released along with NOC (no objection certificate), the ED said.
“Multiple properties are mortgaged to various loans even if the margin was not sufficient to cover the said advances.”
“Anil Shivajirao Bhosale, Jadhav and Padwal by hatching a criminal conspiracy unauthorisedly and illegally transferred the money through RTGS / NEFT from bank,” the ED claimed.