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ED seizes incriminating documents in Shivajirao Bhosale Co-Op Bank money laundering case

New Delhi: Enforcement Directorate ED) on Friday said that it has conducted searches on multiple premises in and around Pune in connection with a money laundering case of Shivajirao Bhosale Co-operative Bank.

The probe agency move came after registration of a case under Prevention of Money Laundering Act, 2002 (PMLA) on FIR of Shivaji Nagar Police Station against Anil Shivajirao Bhosale , Suryaji Pandurang Jadhav, the Director of Shivajirao Bhosale Coop Bank, and CEO of said bank Tanaji Dattu Padwal and others.

Officials in the ED said that accused persons including Anil Shivajirao Bhosale have been charged with committing offence of siphoning off money from the bank and during the investigation, . was found that there was cash discrepancy of nearly Rs 71 crores.

“The investigation also revealed that the said co-operative bank had not complied properly with the ‘Internal Audit, RBI Audit and Inspection Audit’ whereas the financial statement of borrowers , guarantors and repayment capacity were not considered before sanctioning of the loan”,the officials further said.

In most of the cases, the bank had not conducted post sanction verification and the periodical inspection of primary and collateral securities were not done besides the Shivajirao Bhosale Co-operative Bank did not obtain the latest valuation report for loans against property.

The probe agency also revealed that the bank had violated guidelines of RBI as well as Co-operative Department while disbursing advances and many of loan advances were unsecured but the banks treated them as secured and some of the accounts were marked as Non- Performing Asset (NPA) wherein their account balance were lying outstanding, their properties were released along with NOC.

Multiple properties were mortgaged to various loans even if the margins were not sufficient to cover the said advances, the agency added.

“All named accused Anil Shivajirao Bhosale, Suryaji Pandurang Jadhav, Tanaji Dattu Padwal, by hatching a criminal conspiracy unauthorizedly and illegally transferred the money through RTGS / NEFT from bank. It was observed that more than 90 percent of bank loans have become NPA”, the probe agency said in a statement.

Savio Rodrigues

Savio Rodrigues Founder & Editor-in-Chief
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