Mumbai Police Oppose ED's Plea in Maharashtra State Cooperative Bank Scam Closure

Mumbai police oppose the Enforcement Directorate's attempt to intervene in the Rs 25,000 crore Maharashtra State Cooperative Bank scam investigation. Deputy CM Ajit Pawar was among the accused but investigations revealed no unfair losses. The case involves accusations of loans being diverted and not repaid, with significant economic implications.

Mumbai police have opposed the Enforcement Directorate's (ED) plea to intervene in their closure report on the alleged Rs 25,000 crore Maharashtra State Cooperative Bank scam. The Deputy Chief Minister Ajit Pawar, initially accused, was exonerated by the Economic Offences Wing (EOW), which found no unfair losses to the bank due to the alleged fraud.

The EOW stated that a similar intervention plea by the ED had already been rejected by a special court for cases against MPs and MLAs. The rejection came despite the central agency's fresh application repeating previous points. The EOW filed their first closure report in September 2020, which was accepted by the court. However, a further investigation was announced in October 2022 based on points raised by complainants and the ED.

By March this year, the EOW once again sought to close the case, reiterating that the bank suffered no unfair loss. A former judge, acting as an authorized officer, concluded that loans given to sugar mills were being legally recovered by the bank. Despite this, the ED recently moved the court seeking to intervene, arguing that the closure report would hinder prosecution complaints and the tracing of crime proceeds. The initial FIR, registered under multiple legal sections, alleged the diversion and non-repayment of huge loans, involving high-profile individuals including Ajit Pawar and over 70 other directors of the MSC Bank.

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