ED attaches ₹234-crore assets linked to ex-MLA

Vivekanand Shankar Patil was the chairman of Karnala Nagari Sahakari Bank Ltd.

Published - August 17, 2021 07:35 pm IST - NEW DELHI:

The Enforcement Directorate (ED) has attached assets worth ₹234 crore linked to former MLA Vivekanand Shankar Patil, who was the chairman of Karnala Nagari Sahakari Bank Limited, in connection with a bank fraud case.

The attached properties include the Karnala Sports Academy and several land parcels.

The ED probe is based on a First Information Report registered by the Economic Offences Wing of the Mumbai police in 2019, after the fraud came to light during an audit conducted at the instance of the Reserve Bank of India.

The audit revealed that Mr. Patil, a four-time MLA, had allegedly been siphoning off funds from the bank through more than 60 fictitious loan accounts of the Karnala Charitable Trust and Karnala Sports Academy, which were founded and controlled by him. The bank’s management was also under his control.

The ED arrested Mr. Patil on June 15 and filed a charge-sheet against him on August 12. The agency alleged that about ₹560 crore was siphoned off since 2008. In order to avoid detection, the available funds were routed to the fictitious accounts and then to several bank accounts of entities founded or controlled by Mr. Patil, as alleged.

These funds were used by the Karnala Charitable Trust, Karnala Sports Academy, etc., for the construction of properties such as a sports complex, college and schools and for other personal gains, according to the ED.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.