The Enforcement Directorate (ED) attached property worth Rs 120 crore of Nationalist Congress Party (NCP) legislator Ramesh Kadam, accused of siphoning off crores from a state-run body.
The attachment includes a flat in Borivali, an agriculture land in Aurangabad, bank balances, equity shares and land in Peddar Road.
Kadam, as chairman of Annabhau Sathe Development Corporation (ASDC), had allegedly transferred funds of the state-run body to various organisations headed by him. The money was meant for the welfare of backward communities.
According to the charge-sheet quoted by the ED, main accused Kadam -- sitting MLA of the NCP -- was the president of ASDC from August 13, 2012, to December 12, 2014.
During this period, he in collusion with the officials of the corporation and other accused persons made a pre-planned conspiracy and misappropriated the funds of the corporation, which were given to various institutions, for their own benefit and thus embezzled an amount to the tune of Rs 312.26 crore.
While doing this, they cheated and betrayed the corporation and for this purpose, they used forged documents as genuine and used the ill-gotten money for their own purposes, stated the ED.
Acting on the FIR at Dahisar police station, CID Navi Mumbai had investigated the case of misappropriation of funds.
The ED also began a probe under the Prevention of Money Laundering Act (PMLA).
“Based on the PMLA investigations, it is revealed that Kadam and other accused persons have fraudulently acquired/misappropriated huge funds from ASDC meant for the upliftment of the Matang community and have laundered these proceeds of crime through fictitious entities created by them for this specific purpose and further integrated the same into movable/immovable properties in their personal/company’s name,” said an ED officer.
In August 2015, Kadam was arrested from a five-star hotel on the Pune-Ahmednagar road in an early morning swoop by the CID. Kadam is one in the long list of NCP leaders against whom the government has launched inquiries.
Properties attached by ED
Flat in Borivali valued at Rs 2.11 crore in the name of Ramesh Kadam and his wife
Agriculture land in Aurangabad valued at Rs 7.36 crore in the name of M/s Joshaba Central Consumer Cooperative Society, wherein Kadam was the chairman
Bank balance of Rs 76.67 lakh
Equity shares and land admeasuring 669 square meters at Peddar Road, Mumbai, owned by Kadam’s company M/s Comral Realty Pvt. Ltd. worth Rs 39.69 crore. However, the current market price of the land at Peddar Road is in the range of Rs 100–110 crore .