ANANDRAO VITHOBA ADSUL Vs. ENFORCEMENT DIRECTORATE

JUDGEMENT

(1.) Present applicant has moved this application seeking protection in ECIR/MBZO-I/02/2021 registered by the non applicant against the applicant under the provisions of Prevention of Money Laundering Act 2002 (Hereinafter referred to as 'the Act' for the sake of brevity). It is claimed that Investigating Officer is likely to exercise his discretion of arrest against the applicant under Section 19 of the Act.

(2.) Facts in brief for deciding present application are as under.

(3.) Applicant in 2006 claimed to have been elected as chairman of City Cooperative Bank, which disbursed number of loans, of which 190 went in non performing assets (NPA). Applicant having realized that staff of the bank viz. Chief Executive Officer (C.E.O.) etc have recommended sanction and disbursement of loan, contrary to established procedure, viz. security, scrutiny of papers etc., lodged a complaint with Mumbai Police resulting into registration of C.R. No. 204 of 2020 which is transferred and re-registered with Economic Offences Wing as EOW-CR-14/2020. In the said F.I.R., pursuant to instructions of the Investigating Officer, audit of the Cooperative bank of which applicant was chairman was carried out and certain objectionable conduct of the applicant and that of other directors and officials was noted. As a consequence, proceedings under The Maharashtra Cooperative Societies Act, 1960 were taken out. I am informed that in the proceedings under Section 88 of the said Act (for recovery from the responsible defalcator/each of the director) the State Government granted stay to such recovery.