Pune: MP Medha Kulkarni Demands CBI Probe Into Rs 150 Crore Yashwant Bank Scam, Alleges Political Threats
Pune, 16th May 2025: In a serious development concerning the alleged financial irregularities at Yashwant Sahakari Bank in Phaltan, former MLA and BJP Member of Parliament, Prof. Dr. Medha Kulkarni has demanded a Central Bureau of Investigation (CBI) inquiry into what she described as a “massive scam exceeding ₹150 crore.”
Speaking at a press conference in Pune on Friday, Kulkarni squarely blamed former bank chairman Shekhar Charegaonkar for masterminding the fraud through a web of bogus companies and illegal loans.
“The fraud at Yashwant Bank is deep-rooted. Shekhar Charegaonkar and his family members have allegedly siphoned off ₹127 crore through fake loan accounts. Loans were sanctioned without documentation and diverted to shell companies linked to him. It’s a clear case of betrayal of public trust,” Kulkarni stated.
She was joined at the press meet by affected depositors and borrowers, including Nilesh Jadhav, Ganesh Pawar, and S.D. Kulkarni. They voiced their frustration over being unable to access their savings, with many saying they were being pressured despite having deposits under ₹5 lakh.
“People Can’t Access Their Own Money”
Kulkarni revealed that several depositors approached her in desperation after their repeated efforts to recover their savings failed. “The bank has deposits worth ₹230 crore, but due to systematic financial mismanagement, depositors are left high and dry. The Reserve Bank of India (RBI) is offering just ₹5 lakh as a guarantee, while the rest of the money is stuck,” she said.
She further alleged that Charegaonkar’s press conference last week was a diversion tactic. “He accused me of siding with defaulters. But it is he who sanctioned loans to his own relatives and used the money to buy private properties. His claim that no loan is in his name is completely false,” she added.
“Why Are Authorities Silent?”
Kulkarni also criticised the State Cooperative Department and police for their inaction. “Three reports highlighting irregularities in Yashwant Bank have been submitted, yet the department remains mute. Why hasn’t a single legal action been taken?” she questioned.
More worryingly, she claimed that she and others who spoke out are being threatened. “I have received warnings from Shekhar Charegaonkar’s brother, Shardul Charegaonkar. He’s pressuring officers in the cooperative department and even tried to intimidate me through an intermediary in Nashik. He said, ‘Stay quiet or you’ll face the same consequences as last time.’ I’ve formally complained to the Union Cooperation Ministry about this,” Kulkarni said.
Plan to Escalate the Matter
The BJP MP stated her intention to meet Maharashtra Chief Minister Devendra Fadnavis and Union Home and Cooperation Minister Amit Shah to press for swift action. “Public money has been looted in the name of trust. If someone is hiding behind their political connections to carry out fraud, the party will not shield them. Seniors in the BJP will take serious note,” she said.
“We Will Protest If There’s No Action”
Demanding the immediate appointment of an administrator to take control of the bank, Kulkarni warned of protests if action is not taken. “I’ve written to the Cooperative Commissioner to demand urgent investigation. If there’s no response, we will gherao the commissioner’s office with depositors and borrowers,” she warned.
