Shivajirao Bhosale Bank case: HC grants bail to CEO amid serious allegations
The Bombay High Court granted bail to Tanaji Padwal, CEO of Shivajirao Bhosale Bank, in a ₹496 crore fraud case, citing lengthy pre-trial detention.
MUMBAI: The Bombay high court on Monday granted bail to Tanaji Dattu Padwal, the chief executive officer of Pune’s Shivajirao Bhosale Sahakari Bank, in the financial fraud case involving the institution. The decision follows ongoing investigations into a cash deficit of ₹71.78 crore identified by the bank’s auditor, leading to serious allegations against several officials, including Padwal and chief accountant Shailesh Bhosale. The overall case involves a misappropriation of approximately ₹496 crore.
Between April and October 2019, the auditor and a Reserve Bank of India (RBI) team uncovered the alarming cash shortfall, prompting a police complaint against the officials. The investigation revealed that Padwal and Bhosale allegedly facilitated large withdrawals under false pretences between 2016 and 2019. Despite RBI-imposed withdrawal restrictions since May 2019, Padwal allegedly withdrew ₹2.14 crore during this period.
The probe also uncovered a controversial resolution allowing the CEO to create a forced loan account and highlighted significant withdrawals, including ₹28.53 crore allegedly delivered to co-accused Suryaji Jadhav. Eyewitness testimonies from bank employees support claims of misconduct, the prosecution said.
Despite the serious allegations, the defence, led by advocates Hassnain Kazi, Shraddha Vavhal, Athar Qureshi, Hafiz Kazi, and Saeed Kazi, argued that Padwal was pressured by MLC Anil Bhosale, the bank’s chairman. The prosecution contends that Padwal’s role justifies his continued detention due to the financial implications, which total ₹496 crore.
During the bail hearing, justice Madhav Jamadar noted Padwal’s lengthy pre-trial detention of over four years and eight months, emphasising the constitutional right to a speedy trial. Justice Jamadar granted bail, requiring a personal recognisance bond of ₹5 lakh and local sureties. Padwal is prohibited from entering Pune district except for legal obligations.
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