FIR lodged against 76 persons in Rs 513 crore Karnala cooperative bank scam

A complaint has been lodged against 76 persons, inclusive of 12 office-bearers of the Panvel-based Karnala Nagari Sahakari Bank, for allegedly emblezzing Rs 512.5 crore of the cooperative bank funds for the purpose of loan disbursement.

Former Peasants and Workers Party (PWP) MLA and bank founder chairman Vivekanand Patil was named as the key accused by Umesh Tupe, the Raigad district special auditor of the cooperation department. Tupe said he found loans were disbursed without collateral and diverted to the accounts of trusts controlled by Patil.

“During auditing of the bank’s financial transactions, it was found that the office-bearers disbursed loans without security or property mortgage. Business loans were disbursed to applicants who did not have any business. Moreover, the loanees were unaware that business loans were disbursed in their name and later diverted to accounts of trusts run by bank chairman Vivekanand Patil,” Tupe added.