The Mumbai Police has sought to shut the case.
Mumbai:
In a improvement regarding the alleged Rs 25,000-crore Maharashtra State Cooperative Financial institution (MSCB) rip-off, the Mumbai police and the Enforcement Directorate (ED) are at loggerheads over the closure report filed earlier than a courtroom right here.
The Financial Offences Wing (EOW) of town police on Thursday opposed the central company’s plea towards closing the case, citing that the apex cooperative financial institution didn’t undergo any unfair loss as a result of purported fraud.
Deputy Chief Minister Ajit Pawar was named as an accused within the unique case registered by the EOW.
Whereas the police sought to shut the case as they discovered no vital loss to the financial institution, the ED intervened, expressing issues that accepting the closure report would influence their ongoing cash laundering investigation linked to the rip-off.
The ED has already filed prosecution complaints and supplementary chargesheets within the case, emphasising the interconnected nature of the investigations.
The EOW filed a written submission within the courtroom through which they rebuffed the ED’s intervention, noting {that a} comparable plea had been rejected beforehand by a particular courtroom for instances involving MPs and MLAs.
The timeline of occasions consists of the police submitting a closure report in September 2020, which was initially accepted by the courtroom.
Nevertheless, additional investigation was initiated in October 2022 based mostly on protest petitions and the ED’s involvement.
The EOW moved to shut the case once more in March this yr, asserting that no unfair losses had been incurred by the financial institution as a result of alleged fraud.
The FIR, which adopted a Excessive Courtroom order in August 2019, alleged that loans of a number of thousand crore rupees obtained by sugar cooperatives, spinning mills and different entities from district and cooperative banks had been diverted and never repaid.
Lodged underneath varied sections together with prison breach of belief and dishonest, the FIR named NCP chief Ajit Pawar as an accused with over 70 others, who served as administrators of the financial institution throughout the related interval.
The allegations outlined a lack of Rs 25,000 crore to the Maharashtra authorities between 2007 and 2017, pointing to violations of banking rules and RBI pointers in mortgage disbursements to sugar mills and the undervalued sale of defaulting companies’ belongings.
A former choose, appointed as an authorised officer by the cooperative commissioner, concluded “there was no unfair loss to the financial institution as a result of loans given to the factories (sugar mills),” and “the financial institution was recovering the quantity from the factories by authorized means”, the closure report mentioned.
(Apart from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)
