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
Impact of Maharashtra Bandh: Student protests intensify in Mumbai, road blockades in Chembur and Kurla, police alert, Chief Minister orders action

Mumbai: Due to the Maharashtra bandh in Mumbai Shivaji Park, Kurla, Chambor, Chunabhatti, Mankhurd and other suburban areas, the VBA took out a protest demanding the resignation of Dharmendra Pradhan. Meanwhile, the police detained protesters from Chembor, Kurla and other areas and later released the protesters. The normal system in Mumbai remained affected due to the Maharashtra bandh, but schools, colleges and public transport were running as usual. Along with this, in the Kurla area of Mumbai, women protesters took to the streets and blocked the road in protest against the Net Paper Leak issue, due to which the traffic system was affected. Later, the police removed the women from the road and normal life returned to normal. The Maharashtra bandh has affected normal order in various areas of Mumbai. The Thackeray brothers and Amit and Aaditya Thackeray have also supported the protesters in Shivaji Park. Now the Thackeray brothers have made it clear in the press conference that they will march on July 26. If anyone tries to create chaos or stone pelting or violence like Delhi, they will not be tolerated and the MNS will respond to it. Along with this, Raj Thackeray has announced a peaceful protest and has threatened the government that if any attempt is made to create unrest in this protest, it will be responded to. Today, several protesters and leaders were detained during the protest.
Police driver threatens to implicate students in drug case
After the video of Shivaji Park threatening to implicate students in drug case went viral, an inquiry has been started against the constable in this matter and in this matter, Chief Minister Devendra Fadnavis has said that the inquiry of the constable is going on and he has been removed from here. It is unfortunate that the video has gone viral in this matter. Devendra Fadnavis said that under the guise of this protest, Uddhav Thackeray is trying to save his existence. He said that in Maharashtra too, the paper has been leaked in the Uddhav Thackeray government.
Maharashtra
A public movement in Mumbai warns against UP government’s action on Jauhar University! Meeting of scholars and intellectuals at Islam Gymkhana, appeal to the state governor to intervene

Mumbai: The Uttar Pradesh government’s order to demolish parts of Maulana Muhammad Ali Jauhar University in Rampur has drawn strong reactions in Mumbai. An important meeting was held today at the famous ‘Islam Gymkhana’ in Mumbai against this action. The participants made serious allegations and said that instead of establishing new centers for higher education, the government is destroying an institution that shapes the future of thousands of students. The speakers in the meeting stressed that this issue is not limited to a single building but is related to the educational future of thousands of students, the education system and the rights of minorities. They were of the view that if there were any technical irregularities in the operations or construction of the university, the government should have tried to correct them within the legal framework and save the institution. Instead of finding any constructive solution, this action is being taken only in the spirit of political revenge. The meeting unanimously condemned this unfair policy in the strongest terms. Important resolutions were passed in the meeting to determine the future course of action. It was decided that a delegation would immediately meet the Governor of Maharashtra and submit a memorandum, urging him to direct the Uttar Pradesh government to intervene in the matter. A warning was also issued that if the government took further action against Jauhar University, a massive public movement would be launched in Mumbai. This important meeting was attended by a large number of prominent scholars, social workers, and intellectuals of Mumbai, including MLAs Abu Asim Azmi, Yousuf Abrahani, Meraj Siddiqui, Maulana Anis Ashrafi, Aamir Idrisi, Saleem Alwar, Saeed Hamid, Sarfaraz Arzoo, and Dr. Zeba Malik.
Maharashtra
Modak Sagar Lake, which supplies water to Mumbai, also overflowed, with the total water storage in all 7 lakes at 69.74% capacity.

Mumbai: Modak Sagar Lake, one of the seven lakes supplying water to the Mumbai Municipal Corporation (BMC) area, started flowing at 2:07 am today (July 23, 2026). The BMC’s Hydraulic Engineering Department said that a gate of the lake has been opened. The water level in the reservoir has increased rapidly due to continuous, heavy rainfall in the areas occupied by the lakes over the past few days. The maximum water storage capacity of Modak Sagar Lake, which started flowing from tonight, is 12,892.5 crore litres (128,925 million litres). In previous years, Modak Sagar Lake started flowing on July 9, 2025, July 25, 2024 and July 27, 2023.
The total maximum water storage capacity of the seven dams supplying water to Mumbai is about 1,44,736.3 crore litres (1,447,363 million litres). As of 6:00 AM today, the total water storage in all seven lakes is 1,00,943.2 crore litres (1,009,432 million litres). This water storage is 69.74% of the maximum water storage capacity of the lakes, which is 1,447,363 million litres.
Additional Information
1) The Modak Sagar Project, built on the Vetarna River in Shahpur taluka of Thane district, is a key water source meeting the drinking water needs of the Mumbai Metropolitan Region.
2) The construction of the project was completed in 1954, and it is managed by the Mumbai Municipal Corporation (BMC).
3) Located 120 km from Mumbai, the project has a structure length of 548.64 metres and a height of 82.296 metres.
4) The total catchment area is 450.625 sq km, and it contributes 11.22% to the total water supply provided to Mumbai.
5) Out of the seven lakes supplying water to the BMC area, Modak Sagar Lake has started flowing from today. Ahead of this monsoon season, Tansa Lake started flowing at 8:51 am on July 22, 2026. ‘Vihar’ Lake started overflowing at 9:00 pm on July 7, 2026, and ‘Tulsi’ Lake also started flowing at 11:43 pm on the same day (2026). Thus, as of July 23, 2026, four of the seven lakes supplying water to the BMC area have filled and overflowed.
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