Overview

• On July 30, 2025, the Enforcement Directorate handed over immovable assets worth ₹386 crore to the Maharashtra MPID Competent Authority under a PMLA restitution order.
• Key properties include the Karnala Sports Academy in Panvel and a land parcel in Posari, Raigad that were provisionally attached in August 2021 and October 2023.
• The auctions aim to reimburse over 500,000 depositors who lost a combined ₹553 crore when Karnala Nagari Sahakari Bank collapsed.
• Investigators allege former chairman Vivekanand Shankar Patil and other officials siphoned off ₹560 crore through 63 bogus loan accounts using forged documents.
• The restitution leverages the PMLA’s provision for early return of proceeds of crime to provide relief to victims before trial concludes.