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Home India News Probe Agency Attaches Rs 234 Crore Assets Of 4-Time Maharashtra MLA

Probe Agency Attaches Rs 234 Crore Assets Of 4-Time Maharashtra MLA


The ED arrested Vivekanand Patil on June 15 this 12 months. (Representational)

New Delhi:

The Enforcement Directorate (ED) has connected immovable properties price Rs 234 crore of Vivekanand Shankar Patil, a four-time MLA and Ex-Chairman of Karnala Nagari Sahakari Financial institution Ltd, in a financial institution fraud case.

The connected properties, inter-alia, embrace Karnala Sports activities Academy and plenty of land parcels, the ED stated on Tuesday.

The ED initiated investigation on the premise of FIR registered by the Financial Offence Wing (EOW) of Mumbai Police in 2019.

The fraud got here to gentle after an audit was completed on the occasion of Reserve Financial institution in 2019-20, when it was revealed that Patil was siphoning off funds from the financial institution by 63 fictitious mortgage accounts to the mortgage accounts of Karnala Charitable Belief and Karnala Sports activities Academy, which have been based and managed by Vivekanand Patil.

“The fraud was occurring since 2008. It was discovered that administration of the financial institution was beneath the management of Vivekanand Patil,” stated the ED in a press release.

The ED arrested Patil on June 15 this 12 months and filed a prosecution criticism final Tuesday.

Cash laundering investigation beneath PMLA revealed that the defrauded quantity was to the tune of roughly Rs 560 Crore (together with curiosity) in respect of 67 fictitious accounts, stated the ED.

“To cover the siphoning, the out there funds have been routed to those fictitious accounts and from these accounts to the a number of financial institution accounts of entities based or managed by Patil.”

These funds have been utilised by Karnala Charitable Belief, Karnala Sports activities Academy for development of properties resembling Sports activities Complicated, School and Faculties and for different private features, thereby utilizing the proceeds of crime and projecting the identical as un-tainted in contravention of offence of cash laundering, stated the company, including additional investigation is in progress.

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