ED Investigation Reveals Illegal Loan Penalty for Bank Fraud | Bombay News

MUMBAI: The Enforcement Directorate’s (ED) money laundering probe into an alleged fraud at the Shivajirao Bhosale Sahakari Bank Limited (SBSBL) revealed irregularities in disbursement of loans during 2007-2013. The investigation found that several fraudulent and ineligible loan applications were allegedly sanctioned, sources said.

ED had started investigation based on a first information report (FIR) registered by Shivajinagar police station, Pune, against Anil Shivajirao Bhosale, Suryaji Pandurang Jadhav and a few others. Subsequently, the Economic Offenses Wing of the Pune Police filed its charge sheet and a supplementary charge sheet in the case against the accused.

The agency’s investigation revealed irregularities in the way ineligible loan applications were approved, and it is now looking into the role of a few officials, ED sources said. Under the scanner is Hanumant Kemdhare, the then superintendent of loans, who allegedly played a crucial role in sanctioning fraudulent loans from 2007 to 2013 and recommended otherwise ineligible loans, they said the sources

The agency’s investigation also revealed that another person, Mangaldas Bandal, had allegedly availed SBSBL loans on behalf of associated concerns of local businessmen and farmers by leveraging his close association with the then SBSBL chairman. Bandal also allegedly used the land plots of local farmers as mortgaged properties, thereby inflating their values, which came out in a forensic audit.

The agency had recently foreclosed on assets for value ₹85 crores in Pune, Solapur and Ahmednagar, belonging to Bandal, Khemdhare, Satish alias Yatish Jadav and their relatives under the provisions of the Prevention of Money Laundering Act. ED had previous attached properties for value ₹26 crore from Anil Bhosale and others in February 2023. He had also filed a charge sheet against Bhosale, the chairman of SBSBL, and other bank officials before a special court in Mumbai.