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BJP leader Shekhar Charegavkar arrested in Yashwant Bank scam case, police custody until March 2
Charegavkar was produced before a Karad court on Wednesday, which remanded him to police custody until March 2
In a significant development in the alleged Yashwant Bank scam worth ₹112 crore, the Economic Offence Wing (EOW) of Satara police arrested Shekhar Charegavkar, a Bharatiya Janata Party (BJP) leader and former chairman of Sahakar Parishad. The action was taken late Tuesday night in Karad and lasted till early morning on Wednesday.
Charegavkar was produced before a Karad court on Wednesday, which remanded him to police custody until March 2.
Hemantkumar Shah, senior police inspector at EOW Satara, said, “A team of police sub-inspector (PSI) Rauf Inamdar has taken action on Tuesday night and arrested Charegavkar from Wing village in Karad.”
Shah said that this is the second arrest in the case. At least 50 individuals, including Charegaonkar and Narendra Bhoite, son of late Phaltan MLA Krishnachandra Bhoite, have been booked in the case.
“The complaint, filed in October 2025 by government auditor Mandar Deshpande from Pune, alleges that the accused colluded to misappropriate ₹112.10 crore through bogus loan accounts in the bank,” a senior police officer said on Tuesday.
As per the FIR, the alleged fraud took place between August 2014 and March 2025, when the accused, including the bank’s former chairman, directors, and employees, conspired to sanction fake loans, causing significant financial losses to the institution.
Police said investigations have revealed that 195 bogus loan accounts were allegedly created. Loans were disbursed without adequate collateral and old non-performing accounts were shown as cleared by opening new fake accounts. The accused allegedly forged documents, manipulated records, and misused bank funds for personal gain.
“Based on the complaint filed by the auditor, we had registered an FIR against 50 individuals. Further investigation is underway,” a Karad city police officer said.
The case has been registered under sections 3(5), 316(2), 316(4), 318(4), 336(3), 338, 339, 340(2), and 61 of the Bharatiya Nyaya Sanhita (BNS).
