Mumbai News: Special MP/MLA Court Frames Money Laundering Charges Against Ex-NCP MLA Ramesh Kadam In ₹313 Crore SLASDC Fund Misuse Case

Mumbai, Dec 05: A special MP/MLA court has framed charges against former NCP MLA Ramesh Kadam and nine others in a money-laundering case linked to alleged misappropriation of over Rs 300 crore from a state-run corporation where he was chairman between 2012 and 2014. Framing of charges paves the way for commencement of trial in a criminal case.

Court says funds meant for Matang community were diverted

Kadam and the other accused allegedly laundered around Rs 313 crore from the state-run Sahityaratna Lokshahir Annabhau Sathe Development Corporation (SLASDC), which was intended for upliftment of the Matang community in the state, who were below the poverty line. The corporation was getting financial aid under the various schemes of the central and state governments.

Special Judge Satyanarayan R Navander said, “The amount of around Rs 313 crore, which was acquired as a result of criminal activities of cheating and criminal conspiracy, is nothing but proceeds of crime.”

The judge continued, “Kadam knowingly diverted the proceeds for monetary consideration. The money sanctioned by LASDC to various organisations, where he had interests, has not been utilised for its intended purpose.” Instead, it was layered and integrated for acquisition of properties, which are projected as untainted, the court said.

Money funnelled through bogus entities for property purchase, says court

Framing charges against Kadam, it observed, “He diverted the funds in the name of bogus entities formed in the names of his close associates and relatives and then used the money for purchase of real estate either in his name or in the names of his relatives and close associates.”

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As per the prosecution case, Kadam held the chairman's post from August 13, 2012, to December 12, 2014. The prosecution claimed that the state government had established LASDC for the purpose of uplifting the lifestyle of the Matang community members living below the poverty line and to place them at a respected position in the society. The aim was to help in their educational, economic and social development, it added.

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