NCP leader and former deputy chief minister Ajit Pawar has not been named as an accused in the Enforcement Directorate’s (ED) charge sheet concerning Maharashtra State Cooperative Bank (MSCB) and Jarandeshwar Sugar Mills Pvt Ltd, but the probe document mentions him and his wife Sunetra Pawar. The document has sought that the court permit the ED to submit a supplementary charge sheet if evidence emerges during probe into “other persons”.
Investigation into others suspect to take more time
The agency has stated that investigation into specific activities of others suspected to be involved in the offence of money laundering is likely to take more time. It has sought permission to file supplementary charge sheets on other persons and companies. Among other aspects for further investigation, it said that probe is on to identify the real beneficiaries of Jarandeshwar Sugar Mills as its ownership and shareholding pattern has changed a number of times over the period.
The charge sheet has named three accused – Guru Commodity Services, its chartered accountant Yogesh Bagrecha, and Jarandeshwar Sugar Mills.
The ED states in its charge sheet that as per a witness statement, Jarandeshwar Sugar Mills was incorporated in November 2010 for the purpose of taking Jarandeshwar SSK on lease. It said that the company Sparkling Soil, which holds shares in the mill company and paid funds for it to buy the SSK, is a related entity. Further, it states that the auction of SSK was carried out in a way that it could be purchased at an undervalued price by Guru Commodity Services, which was a dummy company being operated by Omkar Group.
“After ensuring that the said SSK is purchased by Guru Commodity Services, the control of the said SSK was shifted to Jarandeshwar Sugar Mills, under the guise of taking the said property on lease from Guru Commodity Services. The said factory premises is now being utilised by Jarandeshwar Sugar Mills for generating revenue and for availing loans of more than Rs826 crore from various banks,” the charge sheet states, adding that the valuation of the factory was only Rs103 crore.
Ajit Pawar was director in MSCB between 1998 and 2011
Regarding Pawar, the charge sheet states that he was director in MSCB between 1998 and 2011. He was chairman of Pune DCCB Bank from 1995 to 1999. Further, he is member of board of Pune DCCB Bank since 1995.
Sunetra Pawar has been mentioned as a former member of the board of MSCB in another part of the charge sheet.
The ED states that there were irregularities in a loan of Rs89 crore sanctioned to the mill by Pune DCCB when Pawar was a prominent director of the bank. It was sanctioned in the name of sugar stock whereas there was no sugar stock available with the factory at the time of sanction.
Its investigation has brought out, it said, that the funds which were paid for purchase of M/s Jarandeshwar Sugar Mills Pvt Ltd by M/s Guru Commodity Services Pvt Ltd, were sourced from the associates/family members of the Directors of MSCB. It alleged there was a nexus between the Board of Directors and beneficiaries which resulted in destruction of the source of livelihood of farmers, who were the shareholders along with the state government for setting up of the Sugar plant. “That the persons at the helm of running the MSCB and sugar factories were the same set of people and due to their mismanagement, the sugar factories were burdened with debts, which enabled these set of people to sell the factories at throw away price to beneficiaries related to them in the guise of recovery of debts. Thus, the sugar factory which was started for the welfare of sugarcane farmers was sold to real estate companies who neither have any experience nor any interest in running sugar factories or the welfare of sugarcane farmers,” the chargesheet states.
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