One India reports the ED has arrested a NCP politician and three others involved in an alleged money laundering fraud of over Rs 71 crore in Pune-based Shivajirao Bhosale Cooperative Bank promoted by them,
All the four have been arrested under sections of the Prevention of Money Laundering Act (PMLA), at the Yerawada Jail in Pune where they were lodged in judicial custody in the fraud case.
The ED had conducted raids in this case in and around Pune after it filed a criminal case against them based on a Pune Police FIR.
It is worth mentioning that as per RBI’s instruction the statutory auditor of the bank had noticed the scam.
It is said it was the amount belonging to small investors.