Maharashtra State Cooperative Bank Probe Closed; ED's Case Against Rohit Pawar Faces Uncertain Future
· Free Press Journal
Mumbai: With the Maharashtra State Cooperative Bank case now closed, the ED has been left in lurch as it has, so far, filed three prosecution complaints, accusing Sharad Pawar’s grand-nephew Rohit Pawarand a total of 17 people of money-laundering. Earlier, the ED had challenged the EOW’s closure order before the Bombay High Court, where the matter is still pending.
The MSC Bank, established in 1911, is an apex cooperative bank overseeing 31 district central cooperative banks and several credit societies across Maharashtra. At the time, its board comprised 76 directors, including 25 from the NCP, 14 from the Congress, two each from the BJP and the Peasants and Workers Party, and one from the Shiv Sena.
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'Very Painful!': A Month After Ajit Pawar's Death In Plane Crash, Nephew Rohit Pens Emotional Post Mourning His UncleAbout The Controversy
The controversy dates back to inspections carried out by the National Bank for Agriculture and Rural Development (NABARD) in 2000-01 and subsequent years. NABARD flagged several irregularities, particularly in the sanctioning of loans to companies and cooperative sugar mills that later turned non-performing assets (NPAs). In their petition, Andheri-based businessman Surinder Arora and other activists alleged irregularities between 2002 and 2017. They claimed that loans were sanctioned to sugar cooperatives and companies without properly assessing their repayment capacity.
Later, proceedings were initiated under the SARFAESI Act to auction the assets of defaulting entities. The complainants and the ED alleged that due procedure was not followed and that assets were sold at prices far below the reserve price, benefiting firms linked to politicians who were directors of the bank. However, after its probe, the EOW filed a closure report in September 2020, stating that no criminality had been established. The ED opposed the closure and sought to intervene, but its plea was rejected. Meanwhile, the EOW conducted further investigation after obtaining court permission in October 2022.
Rohit Pawar Seeks High-Level Probe Into Ajit Pawar Plane CrashAfter examining additional issues raised by complainants, it again filed a closure report in January 2024, reiterating that no evidence was found against the bank’s office-bearers. The complainants opposed the closure, arguing that the agency had ignored NABARD inspection reports from 2008- 09, 2009-10 and 2010-11 as well as findings by Joshi Nair and Associates, an inquiry conducted under the Maharashtra Cooperative Societies Act and a report by the Comptroller and Auditor General.
They contended that these reports had highlighted serious irregularities in loan sanctions and recovery. Despite these objections, the special court accepted the EOW’s closure report, bringing the criminal investigation into the alleged scam to an end, while the ED’s challenge remains pending before the High Court.
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