chairman of the bank has been arrested in this scam of Rs 500 crore

ED has arrested Chairman Vivekananda Shankar Patil in the Karnala Nagari Co-operative Bank scam case of Panvel, Maharashtra. The case pertains to a bank scam of over Rs 500 crore. Patil is a former PWP MLA.

Patil is accused of fraud of more than Rs 500 crore while being the chairman of the bank. ED officials said Patil is being questioned. He was taken into custody on Tuesday night itself. The former MLA has been arrested under sections of the Prevention of Money Laundering Act (Anti-Money Laundering Act).

Enforcement Directorate (ED) has arrested Vivekanand Shankar Patil, Chairman of Panvel-based Karnala Nagari Sahakari Bank in Maharashtra, in a bank fraud case amounting to more than Rs 500 crores — ANI (@ANI) June 16, 2021

The case is based on an FIR registered by the Economic Offenses Wing (EOW) of Navi Mumbai Police against the former MLA and around 75 others in February last year. In this, there was an allegation of irregularities of Rs 512.54 crore in Karnala Nagari Sahakari Bank. The headquarter of the bank is in Panvel.

Police had earlier named Patil, the former chairman of the cooperative bank representing the Panvel assembly constituency, besides the vice-president, the chief executive officer and several others, who had taken loans from the institution. This fraud case was filed on the same ground.

Report

C Prime Bureau