The Enforcement Directorate (ED) recently conducted searches at various locations in Mumbai and other cities across the state. This operation is part of an ongoing money laundering investigation concerning an alleged bank loan fraud. The investigation focuses on the Beed-based co-operative sugar factory, Shree Shiv Parvati Sakhar Karkhana Limited, Hitech Engineering Corporation India Pvt. Ltd, and their directors—Nandkumar Tasgaonkar, Sanjay Awate, and Rajendra Ingawale. During these searches, which took place in Pune, Baramati, Karjat, and Mumbai, the ED seized ₹19.5 lakh in cash, along with several documents and digital devices.
Origin of the Investigation
The ED’s probe originated from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI), Economic Offences-1, New Delhi. This FIR was against Shree Shiv Parvati Sakhar Karkhana Limited, its directors, and other involved parties for allegedly falsifying accounts and forging documents. The case, registered in March 2023, followed a complaint from the Punjab National Bank, Mumbai, which reported a wrongful loss of ₹98.54 crore to the banks. The allegations pertain to violations under the Indian Penal Code and the Prevention of Corruption Act.
Allegations of Loan Misuse
The ED’s investigation uncovered that Shree Shiv Parvati Sakhar Karkhana Limited (SSPSKL) purportedly secured a ₹100-crore loan from banks but failed to meet the required contribution of ₹71.19 crore for a project. This contribution was a prerequisite for obtaining the loan, according to agency sources.
Further investigation revealed that a significant portion of the loan funds was allegedly diverted through the company’s directors and affiliated entities. These include Tasgaonkar Construction Ltd, Tasgaonkar Industries Ltd, and Hitech Engineering Corporation India Pvt. Ltd. This diversion of funds purportedly resulted in a loss to the exchequer and financial gains for the accused, as reported by sources.
