Jhambad’s custody extended till Feb 18 for scam probe

Chhatrapati Sambhajinagar

A district court on Wednesday extended the police custody of former MLA Subhash Jhambad till February 18 in connection with the Rs 97.41 crore scam in Ajintha Urban Bank. The decision came after police informed the court that Jhambad was not cooperating with the investigation and avoiding key questions.

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Key allegations & investigation details

Two separate fraud cases have been registered against Jhambad and the bank’s board of directors one on October 18, 2023, and another on December 25, 2024. As per a Supreme Court order, Jhambad surrendered on February 7 and was subsequently arrested. However, investigators are still unable to access the details of five out of 36 borrowers linked to the second case. “Jhambad is refusing to cooperate and delaying the process,” PI Sambhaji Pawar told the court.

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Banking fraud exposed

Police also revealed financial irregularities, stating that Ajintha Urban Bank falsely recorded a Rs 10 crore transaction from its Yes Bank account, despite having no funds. Officials emphasized that further investigation is essential to uncover the full extent of the scam. On Tuesday, the Economic Offences Wing (EOW) team searched Jhambad’s residence to collect additional information.

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Authorities investigating Jhambad’s assets

To trace Jhambad’s assets and properties, officials have sent letters to sub-registrars across all talukas in the district. The state’s Director of Registration and Stamps has also been asked for details on his properties across Maharashtra. “Once the information is received, we will submit a report to the government for the seizure of his assets,” said PI Sambhaji Pawar of the Economic Offences Wing.