Corruption Unveiled: ED Targets Bank Official for Money Laundering.
26 September 2024
The Directorate of Enforcement (ED) in Bhopal has filed a Prosecution Complaint against Vasant Pavase, an Assistant Manager at the Central Bank of India, under the Prevention of Money Laundering Act (PMLA), 2002. The Special Court in Bhopal acknowledged the complaint on September 24, 2024, following an investigation prompted by an FIR from the CBI related to corruption charges against Pavase.
The ED's inquiry revealed that Pavase allegedly amassed disproportionate assets amounting to Rs. 1.58 Crore by abusing his position. He reportedly received kickbacks for approving loans and created three bank accounts under his and his family’s names to conceal these illicit funds. By forging signatures on various documents, he deposited cash into these accounts and used the proceeds to purchase properties, insurance policies, shares, mutual funds, and jewelry. The investigation has now concluded, indicating a significant case of financial misconduct.