MUMBAI: NCP legislator Ramesh Kadam, accused of siphoning off Rs 526 crore from state-run Annabhau Sathe Development Corporation (ASDC), was arrested on Monday morning from a five star hotel in Pune. Kadam had been reported “missing” since July 20.
According to an investigation report filed by the Crime Investigation Department, Kadam in his capacity as Chairman of ASDC allegedly transferred funds to organisations headed by him. The money was meant for the welfare of backward communities for whom the corporation was set up.
Kadam had gone missing on July 20, the day the report was tabled in the Vidhan Sabha. The CID has filed charges of forgery and cheating against Kadam. The charges include illegally sanctioning Rs 41 crore to Joshaba Central Cooperative Society, an organisation controlled by him.
Kadam, who represents Mohol in the state Assembly, allegedly sanctioned Rs 58 crore to set up a spinning mill in Aurangabad. Investigations revealed that the mill was controlled by him.