Enforcement Directorate arrests former Maharashtra MLA in money-laundering case
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The ex-MLA from the Peasants and Workers Party was arrested below sections of PMLA and is predicted to be produced earlier than an area courtroom for additional custody, they mentioned.
The Enforcement Directorate (ED) has arrested former Maharashtra MLA Vivekanand S Patil in a money-laundering case linked to an alleged fraud of over ₹512 crore in a Panvel-located cooperative financial institution, officers mentioned on Wednesday.
They mentioned Patil, 66, was arrested by the Central probe company round 8.15 p.m. on Tuesday after his questioning on the ED workplace in Ballard Estate space in Mumbai.
The ex-MLA from the Peasants and Workers Party was arrested below sections of the Prevention of Money Laundering Act (PMLA) and is predicted to be produced earlier than an area courtroom for additional custody, they mentioned.
The ED money-laundering case relies on an FIR registered towards him and about 75 others in February final yr by the financial offences wing (EOW) of the Navi Mumbai police that alleged irregularities to the tune of ₹512.54 crore in the Karnala Nagari Sahakari (cooperative) Bank that’s headquartered in Panvel in the neighbouring Raigad district.
Police had named Patil, the former chairman of the cooperative financial institution who represented the Panvel Assembly constituency in the previous, as an accused together with the vice-chairman, chief govt officer and a number of other others who had obtained loans from the establishment.
The irregularities had been revealed after an inspection of the financial institution’s operations by the Reserve Bank of India led to a particular audit of the lender’s 17 branches, police mentioned.
The RBI later had restricted withdrawals at ₹500 per depositor throughout all accounts.
The police had pressed expenses like felony breach of belief, dishonest amongst others below provisions of the Indian Penal Code, the Cooperative Societies Act and the Maharashtra Protection of Interest of Depositors Act in its FIR.
The financial institution is said to have been established in 1996 below the Cooperative Bank Act after Vivekanand Patil obtained a licence from the RBI.
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