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The BJP, however, termed the claim as "baseless".
"When I met BJP minister Chandrakant Patil at his official residence near Mantralaya late last month, he made me the offer," Harshwardhan Jadhav, Sena MLA from Kannad Assembly constituency, told a Marathi news channel.
"The Rs 5 crore offer was for election expenditure," he added.
"The minister made the same offer to me...I feel he gave this offer to all Sena MLAs," Jadhav said.
"Patil told me that if I do not get elected, I will be fielded (by the BJP) for the legislative council polls," he said.
"What Jadhav has claimed is a nautanki (farce)," he said.
Asked if defamation proceedings will be initiated against Jadhav, the BJP spkesperson said, "Definitely. We will consider this.