Wealth Amassed By Former MLA Shocks ED, Holds Rs 386 Crore Assets

The Enforcement Directorate sleuths have been confounded by the wealth amassed by a former MLA of a non-descript political party from a backward district of Maharashtra in an ongoing investigation. In the past, ED had confiscated property and assets worth Rs 234 crore from Vivekanand Shankar Patil, an MLA belonging to the fringe Peasants and Workers Party (PWP). Another seizure of property and assets worth Rs 152 crore has taken the total of the haul to Rs 386 crore, so far. Patil has been under the scanner in connection with a massive fraud in the Karnala Urban Cooperative Bank based at Pen in Raigad district. An MLA for a number of years, Patil was chairman of the bank whose depositors have been knocking on various official doors for a refund of their deposits.   The alleged fraud involves around Rs 550 crore, mostly deposited by small account holders, many of whom had kept their life savings in the bank. Mumbai police had initiated the action against Patil and others in 2019 and the matter was taken by ED. It has been suspected that the fraud amount has been routed and rerouted through 67 bogus bank accounts. ED’s investigations have reported established a link between the Karnala Charitable Trust and the Karnala Sports Academy. Both bodies have been under Patil’s control. The money has been deposited in their loan accounts, it is learnt. Patil was arrested by ED on 15 June 2021. At present, he is cooling heels in judicial custody. The bank has had over 50,000 depositors.