The Enforcement Directorate (ED) conducted searches at 14 premises in Western Maharashtra, including the office of Rajarambapu Sahakari Bank Ltd (RSBL) in Sangli, as part of a money laundering investigation involving approximately Rs 1,000 crore dating back a decade. The ED suspects that the NCP state unit president, Jayant Patil, is connected to the case.
The searches revealed links to a chartered accountant (CA) who allegedly assisted companies in converting legitimate funds into illegitimate cash through fictitious business transactions. The investigation also uncovered instances of unreported cash withdrawals and the use of forged documents.
The ED’s investigation focused on a CA suspected of aiding companies in converting lawful funds into cash, primarily to cover undisclosed expenses and bribe payments, a report in Times of India stated. Prominent local businesses were among the suspected companies involved, as per sources familiar with the matter. The CA reportedly operated multiple shell companies, using them to open bank accounts and facilitate fraudulent transactions by submitting forged documents.