Court Orders Auction of Ex-MLA's Properties in Cooperative Bank Fraud

A court has ordered the auction of properties linked to ex-MLA Vivekanand Shankar Patil in a Rs 512 crore fraud case involving Karnala Nagari Sahakari Bank. Attached properties like a sports academy will be sold to repay creditors. The decision follows consensus among involved parties.

A special court has mandated the auction of properties tied to former MLA Vivekanand Shankar Patil to repay creditors of a cooperative bank based in Panvel, Maharashtra's Raigad district. The properties, which include a vast sports academy and additional land, are implicated in a significant fraud case at Karnala Nagari Sahakari Bank.

Patil, who previously served as an MLA for Panvel and Uran, is the principal accused in the Rs 512 crore fraud case. The Economic Offences Wing of Navi Mumbai police attached 87 properties, including some ancestral assets of Patil, under the MPID Act. In addition, the Enforcement Directorate has launched its own investigation into money laundering related to the fraud.

Special PMLA Judge Satyanarayan Navander authorized the release of the attached properties on July 22, upon the request of the bank's liquidator. The liquidator aims to use properties like the Karnala Sports Academy for settling the bank's liabilities to its creditors and depositors. With all parties, including the accused, consenting to the auction, the court ordered an immediate start to the auction process, prioritizing the depositors' interests.

(With inputs from agencies.)