New Delhi: The Enforcement Directorate (ED) on Thursday said that it has attached immovable properties worth Rs 152 crore belonging to Maharashtra’s four-time MLA Vivekanad Shankar Patil, his relatives, and Karnala Mahila Readymade Garments Cooperative Society Limited, an entity under his control, in connection with a bank fraud case related to Karnala Nagari Sahakari Bank Ltd, Panvel.
Patil belongs to the Shetkari Kamgar Paksha Party and is a former Chairman of Karnala Nagari Sahakari Bank Ltd.
The financial probe agency said that it attached the immovable properties of Patil and others in the form of a pool of vast land, bungalow, and residential complex among others in connection with a money laundering case linked to the bank fraud case.
The ED case is based on the FIR registered by the Economic Offences Wing (EOW)of the Mumbai Police in 2019.
The alleged fraud came to light after an audit was done at the instance of the Reserve Bank in 2019-20, which revealed that Patil was siphoning off funds from the bank through 67 fictitious loan accounts to the loan accounts of entities or firms or trusts owned or controlled by him — Karnala Charitable Trust, Karnala Sports Academy, Karnala Mahila Readymade Garments Cooperative Society Limited and other entities.
The agency said that its probe found that the defrauded amount was to the tune of Rs 560 crore in respect of 67 fictitious loan accounts.
“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 were utilised by Karnala Charitable Trust, Karnala Sports Academy etc. for the construction of properties such as Sports Complex, College and Schools and for other personal gains, thereby using the proceeds of crime and projecting the same as un-tainted,” the ED said.
Patil was arrested by the ED on June 15, 2021, and at present, he is under judicial custody.
A charge sheet was filed against him and the bank in August 2021.
In August, ED attached immovable properties worth Rs 234 crore linked to Patil, and his family members. The agency has so far attached assets having a book value of Rs 386 crore.
–IANS