Shiv Sena (UBT) deputy leader Advay Hire, who was arrested from Bhopal on Wednesday in connection with an alleged bank loan fraud case of Rs 7.50 crore, was remanded to five days’ police custody by a Malegaon Court, here on Thursday.
Hire, an ex-Bharatiya Janata Party leader, has been accused of getting the loan from the Nashik District Central Cooperative Bank (NDCCB) allegedly on the basis of forged documents, and then failing to repay the amount.
The Economic Offences Wing of Nashik Rural Police was probing the matter and was on the trail of Hire who had gone into hiding but was tracked down by the Bhopal Police and handed over to the Ramzanpura Police Station of Malegaon on Thursday.
He was presented before the Additional District Sessions Judge U.S. Baghele who ordered his police custody till November 20. Arguing for Hire’s custody for seven days, the Additional Government Pleader Mahendra Phulpagare said that no installments of the bank loan were paid through an amount of Rs 1.78 crore received from the sale of a mortgage mill and land.
From the total loan amount, Rs 6 crore was transferred to a private Venkatesh Bank, and the police needed to probe why this was done, what was done with the money, and who benefited from it.
However, Hire’s lawyer contended that the investigations into the case were over, all the documents had already been taken, so there was no need for police custody. In 2013, as the then Chairman of the NDCCB Hire had availed loans of nearly Rs 7.50 in the name of Renukadevi Yantramaag Women’s Industrial Cooperative Society, a weaving mill, against the mortgage, which was headed by his wife, Smita Hire.
Over the years, the amount had swollen to Rs 32 crore after which the bank lodged a complaint with the police in April 2023 to recover the debts, and since the amount had gone beyond Rs 25 crore, the case was transferred to the EOW, Nashik.
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