Archive · 25 Jul 2025
Court Approves Auction of Politician's Assets in ₹512 Crore Bank Scam
A politician named Vivekanand Patil is in trouble.
A court has said that two of his properties can be sold to pay back people who lost money in a big bank scam.
Back in 2020, police said Patil and 76 others did something wrong at a bank.
The police and the ED have taken some of Patil’s things because of this.
Now, the court wants to sell his land, including a sports place and a piece of land in a village, to give back money to those who were cheated by the bank.
The goal is to pay off the debt.
A special court approved the auction of ex-MLA Vivekanand Patil's properties in connection to the Karnala Bank scam.
The auction aims to repay depositors defrauded in the ₹512 crore Karnala Nagari Sahakari Bank Ltd (KNSB) fraud.
Vivekanand Patil, former chairman of the bank, and 76 others were booked by the Economic Offences Wing (EOW) in 2020.
The Enforcement Directorate (ED) also investigated and filed a prosecution complaint against Patil, seizing 76 properties.
The auction includes Karnala Sports Academy plot and a land parcel in Posari village.
- Who
- Vivekanand Patil, former chairman of the Karnala Nagari Sahakari Bank Ltd (KNSB), and depositors of the bank.
- What
- The special MP and MLA court allowed the auction of ex-MLA Vivekanand Patil's properties in the ₹512 crore Karnala Bank scam.
- When
- The Economic Offences Wing (EOW) registered a case in February 2020. The court gave the nod for auction recently.
- Where
- Mumbai, focusing on Karnala Nagari Sahakari Bank Ltd.
- Why
- To settle debts and compensate defrauded bank depositors.
Bank Depositors
Vivekanand Patil
Financial Recovery
Bank Depositors
Focus on recovery of their deposited funds.
Vivekanand Patil
N/A
- Scam Amount
- ₹512 crore
- Bank Involved
- Karnala Nagari Sahakari Bank Ltd (KNSB)
- Politician Involved
- Vivekanand Patil
- Case Registered By
- Economic Offences Wing (EOW)
- Year of Case Registration
- 2020
- Properties to be Auctioned
- Karnala Sports Academy plot and land in Posari village