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The Enforcement Directorate (ED) is conducting searches in the office of Shiv Sena leader and former MP Anandrao Adsul in connection with an alleged Rs 980-crore fraud at City Co-operative Bank.
The agency had summoned Adsul and his son Abhijeet Adsul to appear before it on Monday, but the ED began searching Adsul’s office earlier this morning after the Sena leader expressed his inability to appear before the agency due to prior engagements in Delhi.
Later in the day, Adsul was admitted to the hospital after he complained of ill health during the ED questioning.
The ED probe on City Co-operative Bank is based on a complaint filed by Adsul, the former chairman of the bank, with the Economic Offences Wing (EOW) of the Mumbai police alleging misappropriation of funds through loans and illegal transfers by bank officials. Adsul had alleged that loans were doled out to entities and individuals with very low or no collateral.
The ED is now also probing the role of Adsul and his son Abhijeet, a director on the board of the bank, as it was allegedly found that Adsul was a beneficiary of some of the loans given by the bank.
City Co-operative Bank, with 14 branches in the city and 90,000 depositors, has been placed under restrictions by the Reserve Bank of India since April 2018.
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