Kadam gave funds looted from LASDC among leaders: CM

Kadam gave funds looted from LASDC among leaders: CM

FPJ BureauUpdated: Friday, May 31, 2019, 11:55 PM IST
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Mumbai : Chief Minister Devendra Fadnavis in an unusually aggrieve mood today alleged that NCP leader Ramesh Kadam, who headed the Lokshahir Annabhau Sathe Economic Development Corporation (LASDC), had illegally siphoned off funds and distributed them to political leaders.

Kadam, who is MLA from Mohol in Solapur district, is absconding and “orders have been issued for his arrest,” CM said.

Kadam was the Chairman of the Corporation between 2010 and 2014, when the alleged irregularities to the tune of Rs 526 crore took place. The alleged scam involves fraudulent disbursal of loans taken from district cooperative and national banks in the name of serving the needy and backward sections.

The state Criminal Investigation Department (CID) has launched a hunt to nab Kadam about a week back. According to them the fraud in the LASDC is of the tune of Rs 175-crore. CID officials have even said that the amount is likely to increase as the probe deepens.

Fadnavis had entrusted the CID with the investigations after he took over in October. CID officials have said that the investigations have revealed that Kadam transferred the funds to organisations controlled by him. Officials also said that Kadam took 50 per cent of the arrears from the Sixth Pay Commission, which was payable to employees of LASDC. Moreover, he had illegally recruited 37 individuals, including relatives, in the corporation.

After preliminary probe by CID, a case was registered against Kadam in Mumbai last week. The charges pressed against him under the Indian Penal Code and Prevention of Corruption Act are cognisable and non-bailable.

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