The Enforcement Directorate (ED) is conducting searches of the office of Shiv Sena chief and former MP Anandrao Adsul in connection with an alleged Rs 980 crore fraud at the City Co-operative Bank.
The agency had summoned Adsul and her son Abhijeet Adsul to appear before it on Monday, but the chief executive began searching Adsul’s office earlier this morning after the Sena chief expressed his inability to appear before the agency. due to previous engagements in Delhi.
Later that day, Adsul was admitted to hospital after complaining of health problems during questioning in the emergency room.
The ED investigation into City Co-operative Bank is based on a complaint filed by Adsul, the former president of the bank, with the Economic Offenses Wing (EOW) of the Mumbai Police Force, alleging embezzlement by the bank. through illegal loans and transfers by bank agents. Adsul alleged that loans were made to entities and individuals with little or no collateral.
The managing director is also investigating the role of Adsul and his son Abhijeet, a director on the bank’s board, as it was allegedly discovered that Adsul was the beneficiary of some of the bank’s loans.
City Co-operative Bank, with 14 branches in the city and 90,000 depositors, has been restricted by the Reserve Bank of India since April 2018.
