Snehal Upadhyay-
Published on: September 6, 2021, at 15:43 IST
Special Judge Ashokkumar B Bhillare in Alibaug committed the case of Pen Cooperative Urban Bank Scam to a Prevention of Money Laundering Act (PMLA) Court in Mumbai after hearing a plea which was filed by the Enforcement Directorate (ED).
In the year 2010, this scam came into the light, and was a 758 crore rupees scam.
On September 30, 2013, ED filed a case for getting directions to investigate this money laundering case. It has infringed Section 44 (1) (c) of PMLA, which mentions that if a Court takes the cognizance of any case which was supposed to be taken up by any Special Court then the Court will commit the case on receipt of an application from ED.
ED’s Counsel contended that the accused had sidetracked the funds of the investors in an illegal manner through bogus, forged and made fake bank accounts and took loans to purchase immovable properties worth Rs 270 crore, hence the accused should be tried under PMLA.
Special Public Prosecutor Vaibhav Bhole stated, “It was jointly decided to try the case in a PMLA court. Hence, no objection was made. The order was thus passed. ED has attached the properties.”
It was alleged that the money obtained was used to buy land around Navi Mumbai International Airport in Panvel, Pen, Roha and Sudhagad Pali talukas of Raigad district, and in Dubai as well.
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