The Enforcement Directorate has seized over Rs 65 billion worth of assets, including properties associated with a company controlled by Maharashtra Deputy Prime Minister Ajit Pawar in connection with the Maharashtra State Cooperative Bank (MSCB) fraud .
Affiliated properties include land, buildings, facilities and machinery for Jarandeshwar Sahkari Sugar Karkhana in Satara, valued at Rs 65.75 billion (purchase price in 2010).
The assets are currently being held on behalf of Guru Commodity Services Pvt. Ltd. and leased to Jarandeshwar Sugar Mills Pvt. GmbH.
“Sparkling Soil Pvt. Ltd. holds the majority stake in Jarandeshwar Sugar Mills Pvt. Ltd. Research has shown that Sparkling Soil Pvt. Ltd. is an affiliate of Ajit Pawar, Deputy Head of State of Maharashtra and Sunetra Ajit Pawar, “the ED said in a statement.
Meanwhile, Ajit Pawar said he had not received a notification from the emergency room. He also denied knowledge of the detective agency’s arrest of the Jarendeshwar sugar factory in Satara district.
The ED began its investigation under the Prevention of Money Laundering Act (PMLA) based on an FIR registered by the Mumbai Police’s Economic Offense Wing in 2019.
The ED alleges that the Maharashtra State Cooperative Bank conducted an auction of Jarandeshwar Sahkari Sugar Karkhana in 2010 at an undervalued price and without due process.
“Ajit Pawar was one of the prominent and influential members of the MSCB Board of Directors at the time. The Sahkari Sugar Karkhana was established by Guru Commodity Services Pvt. Ltd. and was immediately sold to Jarandeshwar Sugar Mills Pvt. Ltd., which currently operates Jarandeshwar Sahkari Sugar Karkhana, ”the ED said.
Officials have claimed that much of the funds used to purchase the said Sahkari Sugar Karkhana came from Jarandeshwar Sugar Mills Pvt. Ltd., which does the same from Sparkling Soil Pvt. Ltd., a company related to Ajit Pawar and his wife.
Investigators have allegedly determined that Guru Commodity Services Pvt. Ltd. (a front company) was used to acquire Sahkari Sugar Karkhana and the sugar factory was actually owned by M / s Jarandeshwar Sugar Mills Pvt. controlled and operated. GmbH.
“In addition, the SSK was used by Jarandeshwar Sugar Mills as a vehicle to obtain loans of Rs 700 crore from Pune District Central Cooperative Bank & others from 2010 to date. Thus, on behalf of Guru Commodity Services Pvt. Ltd. (leased to Jarandeshwar Sugar Mills Pvt. Ltd.) in the form of Land, Building & Structure, Plant & Machinery of Jarandeshwar SSK, as it is the proceeds of crime, the same has been tentatively appended under PMLA, “the ED said.
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