Court Orders Auction of Ex-MLA's Properties in Panvel Bank Fraud Case

A special anti-money laundering court has mandated the auction of properties tied to former MLA Vivekanand Shankar Patil. This action seeks to repay creditors of the Panvel-based Karnala cooperative bank amid a fraud scandal involving over Rs 512 crore.

The properties in question include a sports academy and a parcel of land in Panvel, both of which were attached following allegations of large-scale financial misconduct. Navi Mumbai police's Economic Offences Wing and the Enforcement Directorate (ED) have both laid claim to the assets under the MPID Act.

Following a plea from the bank's liquidator, Special PMLA Judge Satyanarayan Navander agreed to release these assets for auction. The decision, backed by consensus among all involved parties, aims to promptly satisfy the bank's creditors, including its depositors.

(With inputs from agencies.)