The former Peasants and Workers Party MP was arrested under sections of the PMLA and is expected to be taken to a local court for further detention, they said.
The Enforcement Directorate (ED) has arrested former Maharashtra MPP Vivekanand S Patil in a money laundering case linked to alleged fraud of more than 512 crore at a cooperative bank in Panvel, announced on Wednesday. officials.
They said Patil, 66, was arrested by the Central Investigation Agency around 8:15 p.m. Tuesday after his interrogation at the ED office in the Ballard Estate neighborhood of Mumbai.
The former Peasants and Workers Party MP was arrested under articles of the Prevention of Money Laundering Act (PMLA) and is expected to be brought before a local court for further detention, they said. declared.
The ED money laundering case is based on an FIR registered against him and around 75 others in February last year by the Economic Offenses Wing (EOW) of Navi Mumbai Police who alleged irregularities at height of 512.54 crore in the Karnala Nagari Sahakari (cooperative) Bank headquartered in Panvel in the neighboring district of Raigad.
The police had named Patil, the former president of the cooperative bank who represented the constituency of the Panvel assembly in the past, as the accused as well as the vice president, the general manager and several others who had obtained loans from the institution.
The irregularities came to light after an inspection of the bank’s operations by the Reserve Bank of India led to a special audit of the lender’s 17 branches, police said.
The RBI then limited withdrawals to ₹ 500 per depositor to all accounts.
Police had filed charges of criminal breach of trust, cheating, among other things, under the provisions of the Indian Penal Code, the Cooperative Societies Act and the Maharashtra Depositors’ Interests Protection Act in its FIR.
The bank was reportedly established in 1996 under the Cooperative Banking Act after Vivekanand Patil received a license from the RBI.