The Enforcement Directorate (ED) on Friday conducted searches on multiple premises in and around Pune in connection with money laundering case of Shivajirao Bhosale Co-operative Bank.
Nationalist Congress Party (NCP) Member of Legislative Council (MLC) Anil Shivajirao Bhosale is one of the accused in the scam.
ED has registered a case under Prevention of Money Laundering Act, 2002 (PMLA) based on FIR of Shivajinagar Police Station in Pune against Bhosale who is director of Shivajirao Bhosale Co-operative Bank, Suryaji Pandurang Jadhav who is also a director of the bank and Tanaji Dattu Padwal who is CEO of the bank and others. "The accused persons including Anil Shivajirao Bhosale have been charged with committing offence of siphoning off money from the bank," ED said on Friday. "It is found that there was cash discrepancy of nearly Rs 71 crores. Further it is observed that bank has not complied properly with the internal audit, Reserve Bank of India (RBI) audit, and inspection audit," ED added.
According to ED, borrowers and guarantor’s financial statement and repayment capacity was not considered before sanctioning of the loan. In most of the cases bank has not conducted 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 stated.
"It is revealed that the bank has violated guidelines of RBI as well as co-operative department while disbursing advances. Many advances were unsecured but the banks treated them as secured. Even though, some of the accounts were marked as non performing assets (NPA) and their account balance was lying outstanding, their properties were released along with NOC. Multiple properties are mortgaged to various loans even if the margin was not sufficient to cover the said advances," the anti-money laundering agency said.
It added, "Bhosale, Jadhav, Padwal by hatching a criminal conspiracy unauthorizedly and illegally transferred the money through RTGS / NEFT from bank. It is observed that more than 90% of bank loans are NPA. During the search operation incriminating documents have been recovered and seized including digital evidences under PMLA."