Bank fraud: MLC Anil Bhosale, three others get police custody

A special court here on Wednesday remanded sitting MLC Anil Bhosale, chairman of the Pune-

headquartered Shivajirao Bhosale Cooperative Bank, and its three other officials in police custody for alleged fraud of

over Rs 71 crore at the bank. Additional Sessions Judge (Special Judge) S S Gosavi

remanded the four accused in police custody till March 6. Bhosale, an NCP leader who had reportedly developed

proximity with the BJP in the last few years, is a sitting member of the state Legislative Council (MLC).

His wife Reshma Bhosale is also one of the accused in the case. She is a BJP-backed corporator of the Pune Municipal

Corporation (PMC). In January, the police had registered a case against

Anil Bhosale, his wife and 15-16 others, including the board of directors of the bank, for alleged forgery,

misappropriation and cheating. Pune Police had arrested Anil Bhosale, one of

directors of the bank Suryaji Jadhav, chief accountant Shailesh Bhosale and Chief Executive Officer at the Bank

Tanaji Padwal were arrested by Pune police on Tuesday night. The case was registered under sections 406, 408, 468,

471 and 34 of IPC and relevant sections of Maharashtra Protection of Interest of Depositors (MPID).

Police said that on the directions of the Reserve Bank of India, the complainant, who is an auditor, had conducted a

financial audit of the year 2018-19 and found Rs 71, 78, 87, 723 less in the 'cash in hand' segment of the bank.

"All the accused colluded with each other and cheated the bank by forging records," police had said.

In October last year, the cooperative department of the Maharashtra government dismissed the bank's board of

directors and appointed an administrator. A special scrutiny conducted by the Reserve Bank of

India in April 2019 revealed several "adverse" features and "serious irregularities" in the functioning of the bank, the

office of Commissioner of Cooperation had said. Seeking police custody of all the four accused, the

prosecution argued in the court that by colluding with one another and misusing their positions, the accused siphoned off

the entire amount for their own benefit and hence a detailed investigation is required.

"There is a need to probe the personal bank accounts and properties of all the accused, and to investigate where

the misappropriated money was used," the prosecution said. Defence lawyers representing the accused argued that

police custody was not required as police already possessed the seized bank documents. They also argued that the accused

have been cooperating with the authorities properly. After hearing the arguments, the judge sent all the

four accused to police custody. Several depositors, whose money is stuck in the bank,

were present in the court. According to Mihir Thatte, who has been a part of the

action committee fighting on behalf of the depositors, said that Rs 450 crore, deposited in the bank by around one lakh

account holders, cannot be withdrawn now. "However, after the court's action, there is a hope

among the depositors that they would get back their money," he said.