Mumbai: In a significant development in the Rs 560 crore Karnala Nagari Sahakari Bank fraud case, the Enforcement Directorate (ED) has restituted immovable assets worth Rs 386 crore to the Competent Authority appointed under the Maharashtra Protection of Interest of Depositors (MPID) Act. The move is a major step towards compensating over five lakh depositors, many of whom are senior citizens and small investors, who lost their savings following the bank’s collapse.

The restituted assets, now slated for auction, were previously provisionally attached by the ED during its money laundering probe. According to officials, the properties located across Panvel and Raigad districts were acquired using funds siphoned off through bogus loans issued in gross violation of Reserve Bank of India (RBI) norms.

Fraud Rooted in Fake Loan Accounts

The investigation stems from a First Information Report (FIR) registered on February 17, 2020, by the Economic Offences Wing (EOW), CID, Pune. The chargesheet alleges that the bank’sKarnala Charitable Trust former chairman, Mr. Vivekanand Shankar Patil, along with other senior officials, engaged in a criminal conspiracy to defraud the cooperative bank by creating 63 fictitious loan accounts using forged documentation. The fraud, reportedly operational since 2008, facilitated the diversion of approximately Rs 560 crore into entities controlled by Patil, including the Karnala Charitable Trust and the Karnala Sports Academy.

ED investigation revealed that the proceeds of crime were channelled through 63 fictitious accounts to disguise the fraudulent transactions. These funds were later diverted into multiple bank accounts held by entities associated with Patil and his relatives. The money was allegedly used for the construction of a sports complex, educational infrastructure, and other personal investments, while being projected as legitimate assets.

Main Accused in Judicial Custody Since 2021

Vivekanand Shankar Patil, a four-time legislator from the Raigad district and a former Member of the Maharashtra Legislative Council, is a prominent figure in the state’s cooperative movement. As chairman of the Karnala Nagari Sahakari Bank, Patil allegedly played a central role in orchestrating the fraud. The ED arrested him under provisions of the Prevention of Money Laundering Act (PMLA) in 2021. Patil has remained in judicial custody since his arrest.

The immovable properties in question, including a multi-acre sports academy in Panvel and a prime land parcel in Posari, Raigad district, were attached in two phases on August 17, 2021, and October 12, 2023. A prosecution complaint in the matter was filed before the Special PMLA Court in Mumbai on August 12, 2021, and trial proceedings are currently ongoing.

Court Authorises Liquidation for Repayment

The restitution was initiated after the Reserve Bank of India-appointed liquidator filed an application under Section 8(8) of the Prevention of Money Laundering Act (PMLA), seeking permission to auction the attached properties. The ED supported the request. Acting on the application, the Special PMLA Court, in an order dated July 22, 2025, authorised the auction of the Karnala Sports Academy and a land parcel in Posari. The proceeds from the sale will be used to compensate the bank’s depositors.

At the time of its collapse, Karnala Nagari Sahakari Bank held deposits worth ₹553 crore from over five lakh customers. Given the widespread financial damage, the ED stated it moved proactively to ensure the early handover of attached assets for liquidation and compensation.

Mumbai: The Maharashtra cabinet has passed a resolution congratulating Divya Deshmukh on being the youngest chess player to win the Women’s Chess World Cup.

The resolution was moved on Tuesday in the cabinet, headed by Chief Minister Devendra Fadnavis and comprising Deputy CMs Eknath Shinde and Ajit Pawar and other ministers.

Divya Deshmukh, the 19-year-old player from Nagpur, became the youngest to win the Women’s World Cup on Monday as she outwitted the seasoned Koneru Humpy in the tie-breaker of an all-Indian final in Batumi, Georgia.

CM Fadnavis on Monday announced the Maharashtra government will felicitate the newly crowned Grandmaster on her stellar achievement.

“It is a moment of great joy that Nagpur and Maharashtra girl Divya Deshmukh has won the Women’s World Cup and earned the Grandmaster title as well. She is the youngest chess player to win the prestigious international title,” he said.

In a statement on Monday, Fadnavis said Divya Deshmukh has inscribed the state’s name in golden letters on the international chess board.

It was a matter of immense pride that both players in the World Cup final were Indians, he added, while also congratulating Humpy.

Mumbai: The Maharashtra Pradesh Congress Committee (MPCC) has appointed a 387-member jumbo committee five months after Harshwardhan Sapkal took charge as the new state unit chief.

The new body includes a 36-member political affairs committee, 16 senior vice presidents, 38 vice presidents, five senior spokespersons, 108 general secretaries, 95 secretaries, 87 executive committee members.

All India Congress Committee (AICC) Maharashtra in-charge Ramesh Chennithala is the chairman of the political affairs committee.

Dheeraj Deshmukh, former MLA and son of late chief minister Vilasrao Deshmukh, has been named a senior spokesperson for the first time.

Former chief ministers Sushilkumar Shinde and Prithviraj Chavan, Mumbai Congress chief and Lok Sabha member Varsha Gaikwad, Rajya Sabha members Rajni Patil, Imran Pratapgarhi, former state presidents Nana Patole, Manikrao Thakare are members of the political affairs committee.

Presidents of 13 district units of the party have also been named.

Party sources said 40 per cent of the appointees are Other Backward Classes (OBC) and adequate representation has been given to Muslim, Adivasi, Dalit communities from each region of the state.

Fresh faces from regions from where leaders have deserted the party have been given place, the sources added.