Pune police book former MLC Anil Bhosale for bank fraud and forgery
According to FIR, Bhosale, who is the director of Pune-based Shivajirao Bhosale Cooperative Bank, under-reported transactions worth Rs 71.78 crore.Updated: Jan 10, 2020 16:29 IST
The Shivajinagar police on Wednesday night booked former Nationalist Congress Party (NCP) MLC Anil Bhosale, his wife Jyotsana and fourteen others on charges of fraud and cheating. According to the First Information Report (FIR), Bhosale, who is the director of Pune-based Shivajirao Bhosale Cooperative Bank, underreported transactions worth Rs71.78 crore by hiding real transactions and instead presented bogus and fraudulent entries cum transactions and siphoned off the said amount.
Chartered accountant Yogesh Lakade (29), an independent auditor and a resident of Ambegaon Budruk, conducted an audit of the bank on the directions of the RBI and lodged the FIR on May 23, 2019, in this regard. The accused named in the FIR are Anil Bhosale; bank official Shailesh Bhosale; chief executive officer Tanaji Padwal; bank directors Vishnu Jagtap, Hanuma Sorte and twelve others, taking the total number of accused to sixteen, investigators said.
The Reserve Bank of India (RBI) during the financial year 2018-19 had ordered an audit of the bank deposits after reports of irregularities surfaced. The audit report revealed that Bhosale and other accused prepared forged and fraudulent entires wherein the facts were fudged to manipulate the accounts register of the bank.
The total fraud has been estimated to be worth Rs71.78 crore and accordingly Indian Penal Code (IPC) Sections 406 (criminal breach of trust), 408 (criminal breach of trust by servant or clerk), 409 (criminal breach of trust by public servant, or by banker, merchant or agent) , 420 (cheating), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document or electronic record) and 34 (acts done by several persons in furtherance of common intention) have been invoked collectively against all the accused.
PSI Sandip Chavan, the investigating officer in the case, said that the offence took place on the premises of Shivajirao Bhosale Cooperative Bank Limited in Shivajinagar. “ The complainant had conducted a bank audit on the directions of the Reserve Bank of India wherein the reserves showed financial mismanagement to the tune of Rs71.78 crore. The said amount was found short in the bank accounts as per the audit report. The accused despite knowing that it was a cooperative bank, manipulated the records through fraud. They tried to pass the bogus entries as real and cheated the investors at large ,” he said.
It may be recalled that protestors had demonstrated outside the banks’ Kothrud branch demanding return of their fixed deposits on Tuesday. The depositors had demanded an immediate arrest of Bhosale and his family members alleging that they had rigged the bank to favour relatives and friends at the expense of their hard earned money. A written complaint seeking an FIR has already been submitted to the Kothrud police station and preliminary investigation is on in the case.
DCP (EOW and Cyber Crime) Sambhaji Kadam, said, “Chairman Anil Bhosale; CEO Padwal and other bank directors, including his wife, are an accused in the case. The total fraud is to the tune of Rs71.78 crore based on the complaint given by the auditor. Investigation is on in the case,” he said.
When HT last spoke to Bhosale, ahead of him being booked in the case, he said, “I first need to understand the allegations made against me. As the matter is in court, I cannot talk much about it. When the entire investigation and enquiry is completed, the truth will come in front of public. Some people are trying to give it a political angle for their own interests.”
According to the audit report of the state cooperative department of the bank, there is a shortage in cash balance of Rs 71.78 crore.
The bank has 12 branches in Pune district
The bank was promoted by Shivaji Bhosale, a former member of the legislative council (MLC) from the Nationalist Congress Party (NCP)
FIR was lodged by the cooperative department at Deccan Gymkhana and Shivajinagar police station for cash shortage of Rs 71.78 crore in the bank
Restrictions by Reserve Bank of India (RBI) were imposed on one lakh depositors for withdrawal of only Rs 1,000 per year
Two FIRs have already been lodged against the bank management, including the director Anil Bhosale, at Shivajinagar and Deccan police stations.
Depositors have demanded immediate arrest of Bhosale and other top management officials and release of depositor funds. They have also demanded attachment of Bhosale’s property and investigation into his commercial ventures and benami properties