Kadam Siphoned off LASDC Funds;Distributed it Among Leaders:CM

Ramesh Kadam was the Chairman of the Corporation when the alleged irregularities to the tune of Rs 526crore took place.

MUMBAI: Chief Minister Devendra Fadnavis today alleged that NCP leader Ramesh Kadam, who headed the Lokshahir Annabhau Sathe Economic Development Corporation (LASDC), had illegally siphoned off funds and distributed them to political leaders.

Replying to a debate on the issue raised through a calling attention notice amid uproarious scenes, Fadnavis said his government will probe the money trail in the case.

He said funds of this Corporation were meant for welfare of the 'Matang' community but Kadam as its chief siphoned off crores of rupees for his personal interest and also gave the money to some political leaders.

The CM said Kadam, a MLA from Mohol in Solapur district, is absconding and "orders have been issued for his arrest."

Kadam was the Chairman of the Corporation between 2010 and 2014, when the alleged irregularities to the tune of Rs 526crore took place.

The alleged scam involves fraudulent disbursal of loans taken from district cooperative and national banks in the name of serving the needy and backward sections.