Rs 25,000-cr scam: ED books Sharad Pawar, nephew for money laundering

The probe agency said that loans were sanctioned to CSF despite weak financial and negative network

The Enforcement Directorate (ED) has registered a money laundering case against Nationalist Congress Party (NCP) chief Sharad Pawar, nephew Ajit Pawar and several former directors of Maharashtra State Co-operative Bank in connection with a Rs 25,000-crore loan scam.

The setback for the Pawars comes a month before Maharashtra goes to the polls. The NCP had won 41 seats in the 2014 Assembly elections.

According to the probe agency, loans were provided to cooperative sugar factories (CSFs) in connivance with then senior officials of the co-operative bank with the purpose of siphoning off money, causing a huge loss to the bank.