Pune News: Wrestler-Turned-Politician Arrested In Connection With 494 Crore Bank Scam 

Mangaldas Bandal, a wrestler-turned-politician, was arrested by the Enforcement Directorate (ED) on Tuesday in connection with the 494 crore Pune-based Shivajirao Bhosale Cooperative Bank scam. The ED seized Rs 25 lakh in cash and Rs 50 lakh in fixed deposits from his premises during a raid.

According to the ED, Bandal allegedly received around Rs 42 crore of proceeds of crime through loans and defaulted on payments. He used his influence and network to get loans from the bank in the name of local businessmen and farmers, which were later used for his own benefit.

The ED alleged that Bandal threatened bank staff with a pistol whenever they visited his home for loan recovery. He was produced before a court on Wednesday and remanded in ED’s custody till August 29.

The 494 crore scam, which occurred between 2016 and 2019, involved the siphoning of funds from the Shivajirao Bhosale Cooperative Bank, with Anil Bhosale, the then chairman of the bank, being the main conspirator. Bandal’s arrest is a significant development in the case, and the ED’s investigation is ongoing.

Bandal has faced several police cases in the past, including land scams, extortion, and body offenses. He began his political career in 2009 and has been associated with various parties, including the BJP and NCP. He was expelled from the NCP in March 2020 after his name cropped up in an extortion case.

Sancheti College

Sancheti College