Mumbai: The Enforcement Directorate (ED) arrested former Pune zilla parishad chairman Mangaldas Bandal in a money laundering case on Wednesday. The agency seized Rs 5.6 crore in cash, five luxury cars and wristwatches worth more than Rs 1 crore during raids on Bandal’s residences and offices. Officials raided Bandal’s home early Tuesday in Shikrapur, Burunjwadi and Mohammed Wadi areas. He was brought to Mumbai and produced before the special MP and MLA court for remand on Wednesday.
Mangaldas Bandal Under The Lenses Of The Income Tax Department
Bandal was already under scrutiny by the Income Tax Department for financial irregularities and tax evasion. His wife Rekha Bandal, along with his two brothers and their families, were also interrogated by officials at their Shikrapur residence. Bandal was earlier booked by the Pune Police under the Maharashtra Control of Organised Crime Act (MCOCA) for allegedly threatening a prominent jeweller. He was accused in the Shivajirao Bhosale Bank scam and financial irregularities of Pune Zilla Parishad Construction Committee.
In May 2021 he was arrested in connection with the Rs 392.92 crore cooperative bank fraud and spent 20 months in jail before being granted bail ahead of the Lok Sabha election. On Wednesday the special MP and MLA court remanded Bandal to ED custody till August 29, in connection with the bank scam. He is accused of having laundered funds to the tune of Rs 41.57 crores.
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Seeking his custody, ED prosecutor RR Yadav alleged that Bandal availed loans from the bank in the name of his business associates and several farmers. These loans were utilised for his own benefits, Yadav argued.
Claim Made By The Enforcement Directorate
In its plea the ED claimed that total principal amount used and utilised by Bandal was Rs132.35 crore. The ED claimed that Bandal had in 2007 taken a loan in his and his wife’s name to the tune of Rs2.5 crores for construction of a banquet hall, which was operational till 2014. However, he failed to pay the loan because of which the loan accounts were declared as NPA.
The ED claimed: “Bandal did not repay the loans sanctioned in his name and in the name of his family members, and threatened the bank staff with a pistol.”
