MSCB case: Ajit Pawar’s associates acquired sugar cooperative assets at throwaway prices, says court

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Enforcement Directorate in a money laundering case in connection with the Maharashtra State Cooperative Bank (MSCB). The case pertains to an alleged scam in the Sahakari Sakhar Kharkhana (cooperative sugar factories) and Sahakari Soot Girnis. “A loan of ₹826 crore given by Pune District Central Cooperative Bank and other banks for a mortgaged property of Jarandeshwar SSK Ltd goes to prima facie show that the assets of Jarandeshwar SSK were acquired by the close associates of Ajit Pawar at throwaway prices," the court said.

Special Judge M G Deshpande said that it “demonstrates a classic example of generation of proceeds of crime from criminal activity". It also is an offence under provisions of the Prevention of Money Laundering Act (PMLA). The court said, “Hence, there are cogent, sound and prima facie sufficient grounds to direct issuance of process [summons] against all the accused." All the accused in the case have been asked to appear before it on July 19.

In April of this year, the ED filed a chargesheet against three individuals/entities: Guru Commodity Services Pvt Ltd, Jarandeshwar Sugar Mills Pvt Ltd, and chartered accountant Yogesh Bagrecha. Ajit Pawar is not listed as an accused in this case. The special court issued summons to the two companies through their then and present directors along with Yogesh Bagrecha.

While Ajit Pawar has not been listed as an accused in the case, the court noted that Sunetra Pawar, wife of Ajit Pawar, was one of the directors of the accused company from 2004-2008. Sunetra Pawar was also a former member of the Board of Directors of MSCB. The accused conspired to engage in criminal activities, including the unlawful approval and distribution of loans, unauthorized sales, and