A detailed investigation by the Enforcement Directorate (ED) into an alleged money-laundering case at the Shivajirao Bhosale Sahakari Bank Limited (SBSBL) has uncovered significant irregularities in loan disbursements between 2007 and 2013. According to sources, the probe revealed that several ineligible and fraudulent loan applications were approved during this period.
The investigation was initiated after a First Information Report (FIR) was lodged by Shivajinagar police in Pune, targeting key individuals including Anil Shivajirao Bhosale and Suryaji Pandurang Jadhav. Following the FIR, Pune Police’s Economic Offences Wing filed a chargesheet and a supplementary chargesheet, laying the groundwork for the ED’s further probe into the alleged fraud.
Loan Irregularities Exposed
The ED’s investigation highlighted serious irregularities in the way loans were approved, with attention now focused on a few officials involved in the process. One of the main individuals under scrutiny is Hanumant Kemdhare, the loan superintendent at the time, who allegedly played a pivotal role in sanctioning these fraudulent loans. ED sources suggest that Kemdhare recommended loans that were ineligible under the bank’s rules, contributing to the widespread fraud.
Another key figure identified in the probe is Mangaldas Bandal, who allegedly used his connections with the then chairman of SBSBL to secure loans for local businessmen and farmers under questionable circumstances. Bandal reportedly used land plots belonging to farmers as collateral, inflating their values to secure larger loans, which was later confirmed by a forensic audit.
Asset Seizures
As part of its investigation, the ED recently attached assets valued at ₹85 crore, located in Pune, Solapur, and Ahmednagar. These assets belong to Bandal, Kemdhare, and other individuals, including Satish alias Yatish Jadhav, and their families, under the Prevention of Money Laundering Act (PMLA). Earlier, in February 2023, the ED had attached properties worth ₹26 crore from Anil Bhosale and others.
In addition to these actions, the ED has already submitted a chargesheet against Bhosale, the chairman of SBSBL, along with other bank officials involved in the case, before a special court in Mumbai.
Ongoing Investigation
The ED continues to probe the involvement of other officials and associates connected to the fraudulent loan approvals. The case serves as a reminder of the importance of transparency and due diligence in financial institutions, as authorities work to uncover the full extent of the fraud at Shivajirao Bhosale Sahakari Bank.
The investigation is ongoing, with further developments expected as the ED deepens its scrutiny of the case.
