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ED seizes incriminating evidences in a Co-operative Bank case

By IndianMandarins- 15 Jan 2021
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New Delhi (15.01.2021): Directorate of Enforcement (ED) on Friday conducted searches on multiple premises in and around Pune in connection with money laundering case of Shivajirao Bhosale Co-operative Bank.

ED has registered a case under PMLA against the top functionaries of the bank namely; Anil Shivajirao Bhosale, Suryaji Pandurang Jadhav, Tanaji Dattu Padwal (CEO) and others. Accused persons including Anil Shivajirao Bhosale have been charged with committing offence of siphoning off money from the bank.

The ED in its statement said that there was cash discrepancy of nearly Rs.71 Crores and also that the Bank did comply properly with the Internal Audit, RBI Audit, and Inspection Audit. Borrowers and Guarantor’s financial statement and repayment capacity were 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.

The ED added that the bank 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 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. Anil Shivajirao Bhosale, Shri Suryaji Pandurang Jadhav, Shri Tanaji Dattu 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 evidence under PMLA.

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