Accused in ₹494 crore Shivajirao Bhosale bank scam remanded for further probe
The case has revealed that key managerial personnel allegedly utilised disbursed loan amounts for personal benefit by approving irregular loan cases
Mumbai: A sessions court on Friday remanded Hanumant Sambhaji Kemdhare, an accused in the alleged Shivajirao Bhosale Cooperative Bank scam, to custody until 12 September, citing the necessity for further investigation. The case, involving a misappropriation of approximately ₹494 crore, has revealed that key managerial personnel allegedly utilised disbursed loan amounts for personal benefit by approving irregular loan cases.
According to court documents, 97% of these loan cases have turned into non-performing assets, resulting in a loss of around ₹393 crore to the bank. Kemdhare stands accused of assisting Anil Bhosale, chairman of Shivajirao Bhosale Cooperative Bank, and his aide Mangaldas Bandal in securing fraudulent loans.
Bhosale, a Member of the Legislative Council from the Nationalist Congress Party, along with his wife Jyotsana and 14 others, faces charges under various sections of the Indian Penal Code and the Maharashtra Protection of Interest of Depositors Act. The Shivaji Nagar police registered a first information report against Bhosale and others on 8 January 2020, encompassing charges of criminal breach of trust, cheating, and forgery.
The Economic Offences Wing arrested Bhosale and Suryaji Jadhav, a bank director, in February 2020 for their alleged involvement in the fraud. Bhosale has been detained at Yerawada Central Jail since his arrest.
The complaint, filed by Yogesh Rajgopal Lakhade, a chartered accountant, alleges that the board of directors was responsible for a cash shortfall of ₹71.78 crore at the bank. Charges include embezzlement of depositors' funds, fraudulent loan approvals, and misuse of funds.
Kemdhare is accused of fraudulently sanctioning loans totalling ₹392.93 crore, which subsequently became non-performing assets. He allegedly prepared fake loan proposals and diverted sanctioned loan amounts for personal gain, earning a 2.5% commission on approved loans. Seven first information reports have been filed against him related to these frauds.
Varad Dubey, representing Kemdhare, argued that his client's arrest did not comply with legal norms. He stated that Kemdhare had been thoroughly interrogated, with statements recorded by Enforcement Directorate officers and all relevant documents already seized. Dubey noted that Kemdhare had previously been released on bail by the High Court.
Sunil Gonsalves, the special public prosecutor representing the state, highlighted a significant disparity in figures, suggesting a potential link to the alleged offences. He argued that it was crucial to investigate further to uncover the remaining proceeds of the crime and determine the involvement of other suspects in the network.
Special judge AU Kadam remanded Kemdhare in the custody of the Enforcement Directorate until 12 September 2024, stating, "Custody of accused is necessary for the investigation of remaining proceeds of crime and to find out involvement of other accused. In view of the strong prima facie material showing the complicity of accused with POC, he needs to be interrogated thoroughly by taking him in custody."
Kadam added, "This Court is of the considered view that unless the accused is remanded to ED custody, it will not be able to find out the trail of POC and the other accused involved in commission of accused."