Pune: ED Raids Multiple Locations In Maharashtra And Uncovers Multi- crore Bank Loan Scam
Pune: ED Raids Multiple Locations In Maharashtra And Uncovers Multi- crore Bank Loan Scam
The Enforcement Directorate (ED) has conducted raids in Mumbai, Karjat, Baramati, and Pune in connection with a bank loan fraud case involving Shri Shiv Parvati Sugar Factory Ltd., Hi-Tech Engineering Corporation India Pvt. Ltd., and their directors.
According to a post on X by the Enforcement Directorate (@dir_ed), “ED, Hqrs. Office has conducted search operations under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 at various locations in Mumbai, Karjat, Baramati and Pune (Maharashtra) in the bank loan fraud case of M/s. Shree Shiv Parvati Sakhar Karkhana Limited, M/s. Hitech Engineering Corporation India Pvt. Ltd. and their Directors viz. Nandkumar Tasgaonkar, Sanjay Awate and Rajendra Ingawale. During the search operations, various incriminating documents, digital devices and cash of Rs. 19.50 Lakh have been seized.”
The Central Bureau of Investigation (CBI) had previously filed a case against the directors of Shri Shiv Parvati Sugar Factory Ltd. and other accused for creating fake accounts and documents to obtain illegal gains. Acting on these charges, the ED launched its investigation. According to the ED’s findings, Shri Shiv Parvati Sugar Factory Ltd. secured a loan of ₹100 crore from banks, with ₹71.19 crore intended for investment in a specified project. However, this investment was not made. Instead, the funds were diverted to companies owned by the directors, including M/s Tasgaonkar Construction Ltd., M/s Tasgaonkar Industries Ltd., and their associate, M/s Hi-Tech Engineering Corporation India Pvt. Ltd. This misappropriation led to significant losses for the sugar factory, while the accused allegedly benefitted.
The ED is continuing its investigation to uncover further details of the fraud.
The roots of this case trace back to 2010, when Pandurang Solanke from Mungi village in Dharur taluka, Beed, began the establishment of the Shiv Parvati Cooperative Sugar Factory. Solanke had entered into a memorandum of understanding with Nandkumar Tasgaonkar and Rajesh Tasgaonkar. In 2013, the Tasgaonkar family secured a loan of ₹106 crore from Punjab National Bank and two other banks under the factory’s name. Subsequently, the factory went bankrupt. In 2022, Pandurang Solanke lodged a complaint with the Beed Superintendent of Police, alleging that fake documents were created to take over the factory and commit a multi-crore scam. During this period, banks also initiated auction proceedings against the factory.
