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Enforcement Directorate Attaches Rs 234 Crore Assets Of 4-Time Maharashtra MLA Vivekanand Shankar Patil

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Probe Agency Attaches Rs 234 Crore Assets Of 4-Time Maharashtra MLA

The ED arrested Vivekanand Patil on June 15 this 12 months. (Representational)

New Delhi:

The Enforcement Directorate (ED) has hooked up immovable properties value Rs 234 crore of Vivekanand Shankar Patil, a four-time MLA and Ex-Chairman of Karnala Nagari Sahakari Bank Ltd, in a financial institution fraud case.

The hooked up properties, inter-alia, embrace Karnala Sports Academy and lots of land parcels, the ED stated on Tuesday.

The ED initiated investigation on the premise of FIR registered by the Economic Offence Wing (EOW) of Mumbai Police in 2019.

The fraud got here to mild after an audit was achieved on the occasion of Reserve Bank in 2019-20, when it was revealed that Patil was siphoning off funds from the financial institution by way of 63 fictitious mortgage accounts to the mortgage accounts of Karnala Charitable Trust and Karnala Sports Academy, which have been based and managed by Vivekanand Patil.

“The fraud was going on since 2008. It was found that management of the bank was under the control of Vivekanand Patil,” stated the ED in an announcement.

The ED arrested Patil on June 15 this 12 months and filed a prosecution grievance final Tuesday.

Money laundering investigation underneath PMLA revealed that the defrauded quantity was to the tune of roughly Rs 560 Crore (together with curiosity) in respect of 67 fictitious accounts, stated the ED.

“To hide the siphoning, the available funds were routed to these fictitious accounts and from these accounts to the several bank accounts of entities founded or controlled by Patil.”

These funds have been utilised by Karnala Charitable Trust, Karnala Sports Academy for development of properties akin to Sports Complex, College and Schools and for different private beneficial properties, thereby utilizing the proceeds of crime and projecting the identical as un-tainted in contravention of offence of cash laundering, stated the company, including additional investigation is in progress.

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(THIS STORY HAS NOT BEEN EDITED BY INDIA07 TEAM AND IS AUTO-GENERATED FROM A SYNDICATED FEED.)

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