Assets Restored to Duped Depositors in Maharashtra Bank Fraud Case

Assets worth Rs 380 crore have been restored to Maharashtra's authorities for 5 lakh depositors of a cooperative bank involved in a money laundering case. Former MLA Vivekanand Shankar Patil allegedly misused his position to siphon funds. The Enforcement Directorate is overseeing the case's restitution efforts.

In a significant development in the Karnala Nagari Sahakari Bank Ltd. fraud case, assets worth Rs 380 crore have been restored to Maharashtra's government authority for the benefit of approximately five lakh depositors who were duped, the Enforcement Directorate (ED) announced on Wednesday.

The case involves former MLA Vivekanand Shankar Patil, who is accused of collaborating with bank officials to misuse the funds for personal investments. The enforcement agency revealed that Patil used the siphoned funds to acquire properties and assets in Raigad district.

The decision comes after the ED consented to the restitution process, and the assets are set to be auctioned, with proceeds aiding affected depositors. This action exemplifies the PMLA's provisions to aid victims of financial fraud before trial completion.

(With inputs from agencies.)