The petition has been filed before the Nagpur bench of Bombay High Court by Omprakash Kamdi, resident of Wadegaon village in Saoner tehsil of the district.
Kedar was a Minister of State for Energy at one time.
As per the petition, the cooperative department directed him to cough up Rs 299 crore after the scam came to light in 2002. He was arrested by the police, and now the case is before the trial court.
Co-operative department's inquiry report was submitted on November 28, 2013, but the state, as yet, had taken no step to recover the money from Kedar, says the petitioner.
Kedar is accused of flouting rules while investing the bank's funds in G-secs. The funds were routed through the investment firm Home Trade Securities, which neither bought securities nor paid back the money, causing loss to the bank.