NCP supremo Sharad Pawar in the dock; here's why he's named in ED FIR

Weeks ahe of assembly polls in Maharashtra, Nationalist Congress Party (NCP) is dealing with a huge embarrassment. NCP stalwart Shar Pawar has been named in an ECIR (equivalent to an FIR) filed by Enforcement Directorate (ED) in a Rs 25,000 crore bank fraud. This has come after Bombay High Court directed Mumbai Police EOW (Ecomic Offences Wing) to file an FIR in case. Questions have been raised as to why Shar Pawar has been named in FIR registered by ED. Top ED sources have told Republic TV that Pawar has been named as an accused on basis of a witness statement who has implicated senior politician. 

According to ncy sources, Mumbai Police EOW recorded statement of witness in  FIR registered in case. witness has told investigating ncy how NCP chief Pawar played a key role in scam. ED is all set to ask EOW to officially handover statement. re is a possibility that ED might record statement of witness under PMLA which will make it permissible before court. 

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Besides, Shar Pawar, ED FIR also names his nephew Ajit Pawar, Diliprao Deshmukh, Isharlal Jain, Jayant Patil, Shivaji Rao Nalve, Anand Rao sul, Rajendra Shingane, Man Patil and ors. Sources say first to be examined will be bank officials and directors/ promoters of sugar cooperatives. reafter, Ajit Pawar and Shar Pawar will be examined by ED. 

What is case?

Rs 25,000 crore scam involves allegations that n top executives i.e. chairman, MDs, directors, CEOs, manrial staff of Maharashtra State Cooperative Bank (MSC) and office bearers and directors of Shakhar Karkhanas (cooperative sugar factories), Soot Girnis and or processing units were given loans in a fraudulent manner by MSC bank. It has been alleged that in process of loan sanctions, several illegalities were committed. 

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As per probe ncy, loans were provided to cooperative bank sugar factories by officials of MSC bank who have connections with owners of sugar factories. In process, several irregularities in sanctioning of loans came into light, only with purpose of extending benefits to directors of lending bank, for personal gains reby defrauding in cheating bank and its shareholders. 

It has been also alleged that loans were sanctioned to cooperative sugar factories, despite y having a weak financial and negative net worth. Furr, collateral was taken in many cases and loans were allegedly extended on basis of fraudulent and dishonest presentation to bank. ditional working facilities were also extended to a certain few CSF without having any prudent reasons. 

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ED claims that due to alleged mismanment and underutilisation of capacity, increasing overhe expenditure, cooperative sugar factories became sick and were sold after decision taken by board of directors at a price much below reserve price to avail wrongful gain to purchaser. It has been alleged that purchasers h personal or political links to board of directors and consent of borrowing units were t taken before undertaking such sale.

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