ED attaches Maha ex-MLA's assets worth Rs 152 cr in money laundering case

The Enforcement Directorate on Thursday attached more assets, worth over Rs 150 crore, of former Maharashtra MLA Vivekanand Shankar Patil, his family and a cooperative society "controlled" by him in a money laundering case.

The case is linked to an alleged fraud of over Rs 512 crore in a Panvel-based cooperative bank.

The properties, attached after a provisional order was issued under the Prevention of Money Laundering Act, include a vast land pool, a bungalow and a residential complex, the federal agency said in a statement.

Patil has been a four-time MLA of the Shetkari Kamgar Paksha party and is a former chairman of Karnala Nagari Sahakari Bank Ltd., located in Panvel.

The total value (registered) of the assets is about Rs 152 crore and they belong to Patil, his relatives and Karnala Mahila Readymade Garments Cooperative Society Limited, an entity under Patil's control, according to the ED.

The agency had arrested Patil in June, 2021 and attached assets worth Rs 234 crore. It had also filed a charge sheet against the former legislator as he remained to be in judicial custody.

The ED case is based on an FIR registered against Patil and about 75 others in February last year by the Economic Offences Wing of the Navi Mumbai police that alleged irregularities to the tune of Rs 512.54 crore in the Karnala Nagari Sahakari (cooperative) Bank that is headquartered in Panvel in the neighbouring Raigad district.

The fraud came to light after an audit was done at the instance of the Reserve Bank in the year 2019-20, when it was revealed that Patil was siphoning off funds from the bank through 67 "fictitious" loan accounts to the loan accounts of entities/firms/trusts owned/controlled by Patil, including Karnala Charitable Trust, Karnala Sports Academy, Karnala Mahila Readymade Garments Cooperative Society Limited, the agency claimed.