Sharad Pawar, Ajit Pawar latest to face ED heat for money laundering case worth billions

Radhika Dhawad | Sep 24, 2019 20:16

Adding to the list of the political leaders facing ED action, Sharad Pawar, Ajit Pawar along with Jayant Patil are the latest to face ED heat.
L to R: Ajit Pawar, Sharad Pawar

Adding to the list of the political leaders facing Enforcement Directorate (ED) action, Nationalist Congress Party (NCP) chief Sharad Pawar and his nephew and former deputy chief minister Ajit Pawar along with NCP leader Jayant Patil are the latest politicos to face ED heat. The agency has registered a case of money laundering against the three including 70 others in connection with a scam relating to Maharashtra State Cooperative Bank (MSCB).

The Bombay High Court directed police to register an FIR against the senior NCP leaders. The move comes barely a month before the Maharashtra Assembly Elections, which would take place on October 21, 2019. ED on Tuesday filed the case as the senior leaders have been accused of causing losses to the tune of Rs 1,000 crore to MSCB between 2007 and 2011.

As per a report in News18, “It is alleged that there were irregularities in loan disbursements to cooperative sugar factories, and that loans were sanctioned despite them having weak financials. In many cases, loans were sanctioned without any collateral. The cooperative sugar factories were allegedly sold to close relatives of certain politicians.”

MSCB is the apex bank of all the co-operative banks in Maharashtra. The bank suffered losses to the tune of billions for several years. However, it all came out after the inspection report of the National Bank for Agriculture and Rural Development (NABARD).

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