Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
1-min read

Bombay HC Asks Mumbai Police to File Case against NCP's Ajit Pawar, 70 Others in Co-op Bank Scam

Besides former deputy chief minister Pawar, those accused in the case include NCP leader Jayant Patil and several senior cooperative bank officials from 34 districts in the state.


Updated:August 22, 2019, 9:58 PM IST
Bombay HC Asks Mumbai Police to File Case against NCP's Ajit Pawar, 70 Others in Co-op Bank Scam
File photo of NCP leader Ajit Pawar (PTI)

Mumbai: The Bombay High Court directed police to register FIR against NCP leader Ajit Pawar and over 70 others in the Maharashtra State Cooperative Bank scam on Thursday, observing that they seemed to have "complete knowledge" that their actions would cause a huge loss to the bank.

The court asked Mumbai police's Economic Offences Wing to register an FIR against the accused within five days. Prima facie there was "credible evidence" against the accused, it added.

Pawar, PWP leader Jayant Patil and several former directors of the bank are accused of violating banking and RBI regulations while disbursing loans to sugar mills at very low rates and selling

off assets of defaulter businesses at throw-away prices.

Such sale of assets, disbursement of cheap loans and a failure to ensure repayment resulted in losses of over Rs 1,000 crore to the bank between 2007 and 2011, it is alleged.

The accused also forged records and fudged figures to show the bank was making profits, it is alleged.

Pawar, a former deputy chief minister, and finance minister was a director of the bank during the relevant period.

Inquiries by the National Bank for Agriculture and Rural Development and a charge sheet filed by a quasi-judicial inquiry commission under the Maharashtra Cooperative Societies Act had blamed

Pawar and other accused of the bank's losses.

Surinder Arora, an activist, had filed a complaint against Pawar and others with the EOW in 2015. He approached the high court through his lawyer S B Talekar when no FIR was registered on his


In the judgment made available on Thursday evening, the high court said the NABARD report indicated that these directors "were having complete knowledge regarding the transactions and in spite of that, either they sanctioned the loans to such units (that did not have the capacity to repay) and/or sold out the properties of such units at a throwaway price which resulted in a substantial loss to the Bank".

"The Inspection Report therefore not only points out the discrepancies or irregularities committed by the Bank and its directors but also points out that the trust reposed in the Bank and its

officers have been brazenly breached.

"NPA (non-performing asset) Accounts were intentionally camouflaged, in as much as, the amount sanctioned and disbursed to the units wherein the Directors had an interest," the HC said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch


Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results