INDIA. Mumbai: Directorate of Enforcement (ED) provisionally attached immovable properties worth Rs. 152 crore belonging to four-time former PWP MLA Vivek Patil from Panvel in Raigad district of Maharashtra in a bank fraud case on Thursday.
The properties of Peasants and Workers’ Party (PWP) former MLA and former Chairman of Karnala Nagari Sahakari Bank Ltd., Panvel Vivekanad Shankar Patil, his relatives, and Karnala Mahila Readymade Garments Cooperative Society Limited, an entity under his control, were attached. The properties included vast land, bungalows, and a residential complex.
The ED took action based on an FIR registered by the Economic Offences Wing of the Mumbai Police in 2019 related to Karnala Nagari Sahakari Bank Ltd.
The fraud came to light after an audit was done at the instance of the Reserve Bank of India in 2019–20, when it was revealed that Patil had syphoned off funds from the bank through 67 fictitious loan accounts of entities/firms/trusts owned/controlled by Patil.
The fictitious entities included Karnala Charitable Trust, Karnala Sports Academy, Karnala Mahila Readymade Garments Cooperative Society Limited, and other entities under his control. The ED investigation revealed that the defrauded amount was to the tune of Rs. 560 crore in respect of these 67 fictitious loan accounts.
To cover up this clandestine deal, the available funds were routed to the fictitious accounts, and then the funds were diverted to the several bank accounts of entities founded or controlled by Patil. These funds were utilised by Karnala Charitable Trust and Karnala Sports Academy for the construction of sports complexes, colleges, and schools and for other personal gains.
Patil, who was arrested by the ED on June 15, 2021, continues to be in judicial custody. A prosecution complaint under PMLA for the offence of money laundering was filed against Patil and the bank on August 12, 2021.
A provisional attachment was issued on August 17, 2021, attaching immovable properties worth Rs. 234 crore belonging to Patil, his family members, and his related concerns. So far, assets having a book value of Rs. 386 crore have been attached.
Also Read: Maharashtra MLA Calls Out Sachin Tendulkar for Online Games Ads, Demands Ban
