THE DIRECTORATE of Enforcement (ED) on Friday performed searches on a number of premises of Shivajirao Bhosale Co-operative Bank in and round Pune in reference to the alleged cash laundering case.
An offence within the case was registered towards former NCP chief and MLC Anil Bhosale, his spouse and 14 others final yr for allegedly under-reporting transactions price Rs 71.78 crore by forging the information of Shivajirao Bhosale Co-operative Bank.
Anil Bhosale, director of the financial institution, one other director Suryaji Pandurang Jadhav, CEO Tanaji Dattu Padwal, had been amongst these arrested within the case.
An ED press launch stated “incriminating documents and digital evidence” associated to the case had been recovered on Friday.
The ED added that the probe thus far revealed that the “bank has not complied properly with the Internal Audit, RBI Audit, and Inspection Audit. Borrowers and Guarantor’s financial statement and repayment capacity was not considered before sanctioning the loan. In most of the cases, the bank has not conducted post-sanction verification. Periodical inspection of primary and collateral securities were not done. Bank did not obtain the latest valuation report for loans against property”.
“The bank violated guidelines of the RBI as well as Co-operative Department while disbursing advances. Many advances were unsecured but the banks treated them as secured. Even though some of the accounts were marked as NPA and their account balance was lying outstanding, their properties were released along with NOC,” the ED stated. It added that “multiple properties are mortgaged to various loans even if the margin was not sufficient to cover the said advances”.
“Anil Shivajirao Bhosale, Suryaji Pandurang Jadhav, Tanaji Dattu Padwal illegally transferred the money through RTGS/NEFT from bank. More than 90 per cent of bank loans are NPA. Incriminating documents have been recovered and seized including digital evidence under PMLA,” the discharge said.