Four persons were arrested on Monday for defrauding the Shivaji Bhosle Co-operative Bank Ltd, Pune to the tune of over Rs 71.78 crores, said the Enforcement Directorate (ED).
The Enforcement Directorate's Mumbai Zonal Office-II arrested four persons identified as l Shivajirao Bhosale, Suryaji Pandurang Jadhav, Tanaji Dattu Padwal and Shailesh Bhosale in a case relating to the Pune Co-operative Bank on March 6, 2021 after taking custody of the said accused persons from Yervada Jail.
According to the ED, an investigation into the money laundering case was initiated on the basis of a first information report (FIR) registered by the Maharashtra Police against l Shivajirao Bhosale, Suryaji Pandurang Jadhav, Tanaji Dattu Padwal and Shailesh Bhosale and others.
As per a statement released by the ED, the FIR alleged that a team of the Reserve bank of India (RBI) during their periodical visit to the head office of Shivajirao Bhosale Co-operative Bank Ltd, Pune on April 26, 2019, noticed various discrepancies in the records/ books of accounts of the bank.
Further as per RBI directions to the statutory auditor of the bank for verification of cash record, it was noticed that the entry of cash of Rs 71.78 crores was kept pending at bank's head office in their cash book, said the ED.
The ED further stated that during the investigation it was gathered that l Shivajirao Bhosale who was the Director of Shivajirao Bhosale Co-op. Bank Ltd had misused his position and conspired with the co-accused and siphoned off the amount from Shivajirao Bhosale Co-operative Bank Ltd and its branches for personal gains. l Bhosale and his associates were arrested by the Crime Branch, Pune and were placed in judicial custody at Yerwada Central Jail, Pune.
The ED during investigation, unearthed the connivance of all accused in the said report submitted by the bank auditor in the offence of money laundering by cheating, defrauding and siphoning off the public funds available in the M/s Shivajirao Bhosale Co-operative Bank Ltd, which was deposited by the small investors.
According to the ED, it was further revealed that the said deposits had been sanctioned as a loan to different compes as well as entities comparatively more than their repayment capacity resulting in the most of the loan account becoming non-performing assets, creating loss to the said bank and corresponding gains to themselves.
Based on the said investigations all the accused were brought to ED office Mumbai under Production Warrant from Pune and were placed under arrest on March 6, 2021.
The ED also stated that the accused persons were produced before the Prevention of Money Laundering Act (PMLA) Court, Mumbai for obtaining ED's custody.
The PMLA Court has granted five days custody of the accused persons to the ED till March 11, 2021 and further investigation is under process, it added.
( With inputs from ANI )
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