Maharashtra
ED Restitutes ₹386 Crore Worth Of Assets In Karnala Bank Fraud Case To Compensate 5 Lakh Depositors

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.
Maharashtra
Mumbai Weather Update: City To See Light To Moderate Showers With Cloudy Skies Today; No Rain Alert For Next Few Days

WETHER
Mumbai: Mumbai woke up to scattered light rain showers on Friday morning. Though the city received rains in the early hours, the weather department has not issued any rain alert for today.
According to the IMD, the city would see an overcast sky with intermittent light showers, while a few areas may receive moderate spells. However, there is no forecast of heavy or widespread rainfall. Maximum temperature is likely to touch 28°C, while the minimum may settle at 25°C. Winds near the coast are expected to remain light to moderate.
Neighbouring Thane and Navi Mumbai are set to experience similar conditions. Residents can expect drizzle to moderate showers through the day, with no significant rainfall activity on the radar. Cloudy skies will persist, and the weather is likely to remain humid. Daytime temperatures are expected to hover around 28°C, while the night temperature will remain between 24°C and 25°C.
In Palghar, skies will stay overcast, and the rainfall pattern is expected to be uneven. While some pockets may only see light drizzle, others could receive moderate spells. The weather confirmed that no weather alert has been issued for the district. Maximum temperature is forecast at 28°C and minimum at 25°C, with conditions expected to remain damp and humid.
Further down the Konkan coast, Raigad, Ratnagiri and Sindhudurg districts, which witnessed heavy rain over the past few days, are also expected to see a decline in intensity. IMD officials said only light to moderate showers are likely, accompanied by cloudy weather.
The department clarified that there is no threat of heavy rain on Friday. Coastal winds in these regions may blow slightly stronger than in Mumbai and Thane. Daytime temperature could reach 29°C, while the minimum will remain around 25°C.
Maharashtra
Maharashtra Tops In Millionaire Growth With 1.78 Lakh Wealthy Households

Mumbai: The number of millionaire households in Maharashtra has grown by 194% to 1.78 lakhs in the last four years, which is the highest in the country. According to a latest wealth report, Mumbai alone hosts 1.42 lakh millionaire households with Maharashtra being the preferred investment destination for 43% of Indian millionaires.
India now has 8.71 lakh millionaire households, families with a net worth of at least 8.5Cr, increasing by 90% from 4.58 lakh in 2021, revealed the ‘Mercedes Benz-Hurun India Wealth Report 2025’ launched on Thursday. The report states that the number of such millionaire families have grown by 445% from 2017 whereas only 0.01% became billionaires. However, these households comprise only 0.31% of the total households in India, highlighting the growing wealth disparity in the country.
Notably, the report revealed that Maharashtra leads the country in terms of millionaire households, 1.78 lakh, recording a 194% growth since 2021. Mumbai, the country’s financial capital, alone hosts 1.42 lakh millionaire families, which is again the highest in the country, followed by 68,200 in New Delhi. The report stated that the economic expansion of Maharashtra, which is home to 471 individuals featured in the ‘Hurun India Rich List 2024’, is underpinned by a 55% increase in its gross state domestic product (GSDP) between 2020-21 and 2023-24, crossing Rs40 lakh crore. Similarly, Mumbai accounts for 80% of the state’s total wealth, backed by 55% GSDP growth.
Maharashtra stood out as the most preferred investment destination in India for millionaires, with 43% of them choosing it over Gujarat, Karnataka and Delhi NCR, revealed the ‘Mercedes-Benz Hurun India Luxury Consumer Survey 2025’, also launched on Thursday. The survey revealed that stocks, real estate, and gold remain the top asset choices for millionaires with 51% expecting Indian real estate to grow in the next two years, while 38% believe it will remain stable.
Anas Rahman Junaid, founder and chief researcher at Hurun India, said, “I am struck by the extraordinary upward mobility we’re witnessing in India. This democratisation of prosperity speaks to the resilience of our economy, with opportunity spreading to millions of new wealth creators. We project India’s millionaires could double to around 1.7 to 2 million households in the next decade. Powered by our young demographic, technology and entrepreneurial spirit, India is poised to become the world’s fastest-growing wealth hub, gradually closing the gap with the leading economies.
Santosh Iyer, MD and CEO of Mercedes-Benz India, highlighted that the millionaires are also quickly shifting towards luxury electric vehicles (EVs) in comparison to the overall shift in general EVs. He stated that while the overall shift to EV is around 4%, luxury car owners record an 11% shift. “India’s growth story underscores the resilience and transformation of the economy, driven by a burgeoning domestic market and soaring aspiration of today’s young generation. Mercedes-Benz remains a symbol of social prestige, financial affluence and unmatched desirability,” he added.
Maharashtra
Mumbai News: Central Railway’s Sector-Wise Local Train Proposal Sparks Outrage Among Commuters; Officials Call It ‘Impractical’

Mumbai: A controversial proposal by the Central Railway’s (CR) Mumbai division to overhaul the suburban railway system by segregating it into sector-wise corridors—akin to metro train operations—has ignited widespread backlash from commuters and railway officials alike.
Originally presented to the Railway Minister last year, the proposal aims to increase suburban train frequency to one every three minutes during peak hours by dividing the existing network into eight operational corridors.
These would include routes such as CSMT-Thane (slow), Thane-Kalyan (slow), Kalyan-Kasara (slow), CSMT-Kalyan (fast), CSMT-Panvel (slow), Belapur-Uran (slow), and Thane-Nerul/Vashi (slow), among others.
Although the presentation claims that this move could transform Mumbai’s local train operations, a fierce debate has erupted over the practicality of the leaked proposal.
“This proposal is unadulterated absurdity. The person who prepared it has no idea about Mumbai and has clearly never used the Mumbai suburban network as a means of transport for work,” said former General Manager of Central Railway, Subodh Jain
According to a senior CR official, who declined to be named, “The plan may look good on paper, but in reality, it’s completely impractical. It would involve mass transhipment of passengers at busy junctions like Thane and Kalyan—already under tremendous pressure.”
“Catching one train itself is a big hassle—now imagine the inconvenience of changing 3 to 4 trains in a single journey and the extra time lost at each station,” said a senior Central Railway officer.
“The crowding at transhipment stations will be unimaginable. Passengers who manage to get a seat in the first train will likely lose it in the connecting train, as those already standing will rush to board first.”
The elaborate plan (FPJ has a copy) involves running services sector-wise — with the first sector operating only between CSMT and Thane on the slow line, the second sector covering CSMT to Kalyan on the fast line, and the third sector managing operations between Thane and Kalyan on the slow corridor, as well as Kalyan to Kasara and Kalyan to Karjat.
While the presentation made by the Mumbai Division under the leadership of the then Divisional Railway Manager, Rajnish Goyal, claims that sector-wise operations could boost efficiency and frequency, even internal voices remain skeptical.
The concerns are not just logistical but also practical—crowding at transhipment points, loss of seating priority, added travel time, and passenger confusion could worsen the already strained infrastructure.
Sources within CR have hinted that the proposal may have been “deliberately leaked” this week, rekindling both internal debates and public scrutiny.
Passengers, who form the backbone of Mumbai’s lifeline, expressed their frustration across social media platforms and in interviews.
Jayant Sathe, a daily commuter from Kalyan, remarked, “Whoever designed this plan clearly doesn’t understand Mumbai’s suburban travel. Changing trains at Thane after boarding from Badlapur? That’s completely unrealistic.”
The proposal has also drawn sharp criticism online. Devesh Tiwari posted on X (formerly Twitter), “This is a stupid plan. It will create horrible bottlenecks at terminal stations. Why can’t CR reduce headway to 120 or 90 seconds during peak hours? It’s simple tech, but there’s zero willpower to implement it.”
Another internet User @warrenbhai added posted on X “Changing and crossing FOBs will be a nightmare. A lot of us catch up on sleep during the long travel. That won’t be possible anymore.”
Another commuter, Kumar Saket, called the proposal the “joke of the month,” while Bharat Soni criticized what he termed the “Reel Minister” for making hollow promises, stating:
“What’s new in promising 3-min frequency? WR already does that. CR used to run locals every 5 minutes up to Kalyan. Try giving us 15-min services up to Kasara and Karjat—that would be actual progress.”
@smartkalyan7 posted on X “Instead of this jumlabazi, build a new line between Kalyan and Borivali. Thousands waste time commuting to the western suburbs via Dadar.”
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