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Maharashtra

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

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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 Deepfake Fake Video Share Trading Fraud Interstate Gang Uncovered ; 4 arrested”

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Mumbai: The Cyber ​​Cell of Mumbai Crime Branch has claimed to have busted an inter-state gang that was trying to lure investors into investing in the share market by creating fake and deepfake videos of experts on a renowned business news channel. The complainant is a registered analyst with SEBI. On September 29, 2025, an attempt was made to lure investors into investing in the share market by using his fake deepfake video on social media. The complainant is a share trading expert and also works for various companies. An attempt was made to deceive him by creating a deepfake video on his Instagram. When the complainant got the information, he filed a complaint against him at the Cyber ​​Police Station. When the investigation was started, his trace was found in another state. The accused were working as an inter-state gang. The accused were arrested from Bengaluru, Karnataka. The accused have been identified as Jijel Sebastian, 44, of Bengaluru, Dipane Tapan Banerjee, 40, of Karnataka, Daniel Arudha is 25 years old from Bengaluru, and Chandrashekhar is 42 years old. This interstate gang has created deepfake accounts on social media including Facebook to lure big companies into share trading and has cheated ordinary citizens and companies on deepfake social media accounts to prepare companies for fraud and has violated the terms and conditions of the share market company. This gang has created fake accounts several times. The accused have created a Facebook ID in the name of Wellelip India Services Private Limited and received 30 million Indian currency in Dubai currency from a Chinese citizen in the name of investment. In India and Mumbai, fraud is being committed in the name of share trading under the guise of deepfake and fake videos. Therefore, creating such fake videos on social media and committing fraud is a serious crime and action will be taken against it. This action has been taken by the Cyber ​​Cell of Mumbai Crime Branch here on the instructions of Mumbai Police Commissioner Deven Bharti. DCP of Mumbai Cyber ​​Crime Parshottam Karad said that this action has been taken in the case of cyber fraud and this interstate gang has created fake accounts on social media. Fraud was committed by creating an account, so there is a need to be alert during share trading. Cases of creating deep fake accounts of famous companies have come to light. Attempts to commit fraud are being made by creating fake accounts of famous companies on Instagram and Facebook. Therefore, verification is mandatory before share trading. Before share trading, one should invest in the share market only after consulting an authentic and experienced SEBI officer and expert. Do not trust social media and avoid investing on the basis of calls and SSMs on social media. This poses a risk of fraud. So far, the police have registered more than 600 cases of share trading, in which fraud of Rs 400 crore has been committed and in many cases, money has been recovered and frozen from the bank account. These accused also used to create deep fake videos with the help of AI.

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Maharashtra

Mumbai: BEST Employees Receive ₹31,000 Diwali Bonus Credited Ahead Of Festival, Bringing Festive Cheer To 23,596 Staff

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Mumbai: Bringing festive cheer ahead of Diwali, the Brihanmumbai Electric Supply and Transport (BEST) undertaking has announced an ‘ Bonus ‘of Rs 31,000 (Rupees Thirty-One Thousand Only) to each of its 23,596 officers and employees. The bonus amount was credited directly into their bank accounts on Friday, October 17, 2025 (Vasu Baras), much to the delight of the workforce.

This year’s ex-gratia amount marks an increase compared to last year, and has created a wave of happiness among the employees. The timely credit of the Diwali bonus ahead of the festival has given employees the financial boost to make festive purchases on the occasion of Dhanteras.

BEST Workers Union office-bearers met with the newly appointed General Manager of BEST, Dr. Sonia Sethi recently, at the BEST Bhavan in Colaba. During the meeting, discussions were held regarding long-standing demands of the employees, including the Diwali ex-gratia. Dr. Sethi assured the union representatives that BEST employees would receive a Diwali bonus on par with their counterparts in the Brihanmumbai Municipal Corporation (BMC).

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Maharashtra

Mumbai Metro Line-3 (Aqua Line) Fully Operational — A New Era of Urban Connectivity Begins

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Mumbai, October 2025:
Mumbai has taken a major leap in public transportation with the full launch of the Mumbai Metro Line-3 (Aqua Line) — the city’s first underground metro corridor. Connecting the northern suburbs to South Mumbai, the 33.5-kilometre line aims to transform the way Mumbaikars commute, offering a fast, clean, and comfortable alternative to road and rail congestion.

Route and Connectivity

The Aqua Line runs from Aarey / JVLR in the north to Cuffe Parade in the south, covering 27 underground stations. The line passes through key business and residential areas such as Bandra Kurla Complex (BKC), Dharavi, Siddhivinayak, Worli, Churchgate, CSMT, and Nariman Point.

One of its biggest highlights is direct connectivity to both terminals of Mumbai’s airport — the Domestic and International terminals — making airport travel smoother than ever before.

The entire north–south journey can now be completed in about 45 minutes, a major improvement over the two-hour average by road during peak traffic.

Station Highlights

Some of the prominent stations on the Aqua Line include:
Aarey / JVLR, Seepz, MIDC, Marol Naka, Airport Terminal 1, Airport Terminal 2, BKC, Dharavi, Siddhivinayak, Worli, Haji Ali, Churchgate, and Cuffe Parade.

Each station features modern facilities such as escalators, elevators, digital information screens, and air-conditioned platforms. Entry and exit points are designed for smooth passenger movement, including dedicated access for persons with disabilities.

Technology and Features

  • Fully underground corridor, ensuring minimal impact on road traffic.
  • 8-coach trains with advanced safety systems and automatic doors.
  • Platform screen doors at major stations for enhanced safety.
  • Real-time passenger information systems inside trains and stations.
  • CCTV surveillance, emergency communication systems, and modern fire safety equipment.
  • Energy-efficient operations, regenerative braking, and noise reduction design.
  • Seamless ticketing system* with QR code tickets, smart cards, and mobile app payments.

Fares and Timings

The fare structure has been designed to stay affordable and distance-based:

Distance (in km)Fare (₹)
0 – 3 km10
3 – 12 km20
12 – 18 km30
18 – 24 km40
24 – 30 km50
30 – 36 km60
36 – 42 km70
Beyond 42 km80

Metro services operate from 5:55 AM to 10:30 PM, with trains running every few minutes during peak hours to ensure minimal waiting time.

Benefits for the City

  • Time Saving: Travel from the northern suburbs to South Mumbai in less than an hour.
  • Reduced Traffic: Expected to ease road congestion and lessen dependence on private vehicles.
  • Environmental Impact: Cleaner, electric transit reduces carbon emissions.
  • Economic Growth: Improved access to commercial hubs like BKC, Fort, and Nariman Point will support business and real estate growth.
  • Passenger Comfort: Air-conditioned coaches, smooth rides, and high safety standards enhance the commuting experience.

A Step Toward a Smarter Mumbai

With Metro Line-3 now fully operational, Mumbai moves closer to a truly integrated transport network, connecting its suburban rail, metro, and bus systems. The Aqua Line is more than just a transport project — it’s a symbol of progress, promising faster, greener, and more efficient mobility for millions of daily commuters.

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