Pune: CID Arrests Rosary Education Group Director Vinay Aranha and Advocate in Seva Vikas Bank Loan Fraud Case
Pune, 30th March 2024: The State Criminal Investigation Department (CID) has made significant strides in the investigation into the alleged loan embezzlement scandal involving Seva Vikas Bank, culminating in the arrest of Rosary Education Group Director Vinay Aranha and Advocate Sagar Suryavanshi. The duo was nabbed by a CID team from the Enforcement Directorate (ED) in connection with a loan default case.
The arrests took place late at night, and both individuals were promptly presented before the special court at Shivajinagar. Aranha, who had previously been embroiled in a financial misappropriation case under the scrutiny of the ED, now faces additional charges related to the Seva Vikas Bank scandal. The Financial Offences Wing of the CID has taken up the investigation into the alleged misappropriation of funds within the bank, with multiple fraud cases registered against Aranha.
Aranha’s legal battles took a twist when the Bombay High Court initially quashed the charges against him, providing temporary relief. However, a subsequent petition filed in the Supreme Court challenged this decision, leading to the CID being granted permission to investigate further.
The Seva Vikas Bank, headquartered in Pimpri, has been under intense scrutiny following a series of complaints lodged with the Reserve Bank of India over a decade. In June 2021, the Reserve Bank escalated its investigation, resulting in the arrest of the bank’s director and the appointment of an administrator. Subsequent findings revealed a staggering misappropriation of Rs 429 crore within the institution.
The intricacies of the case took a dramatic turn when Aranha, previously incarcerated at Yerawada Jail, was admitted to Sassoon Hospital on medical grounds. During his stay, it emerged that Aranha had connections with Lalit Patil, a notorious drug trafficker, ultimately aiding Patil’s escape from Sassoon Hospital.
