Pune: ED Arrests Amar Mulchandani In Bank Fraud Case

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Pimpri Chinhwad 5th July 2023: The Enforcement Directorate has arrested former chairman of Seva Vikas Co-Operative bank Amar Mulchandani in a case related to fraud. Mulchandani, a resident of Pimpri Chinchwad was booked under the relevant sections of Prevention of Money Laundering Act (PMLA) by ED.

He was arrested by the central agency on July 1 and was produced before the PMLA court in Mumbai where the court has sent him to ED custody till July 7.

Earlier in January this year the ED officials had conducted searches at 10 locations linked to Mulchandani and had seized gold and diamond jewellery worth Rs 2.72 Crore, cash worth Rs 41 lakh, luxury cars and digital divices and some incriminating documents from his residence and offices.

Mulchandani who also served as deputy mayor and standing committee chairman of Pimpri Chinchwad Municipal Corporation in the past was booked by the Pimpri Chinchwad Police following a complaint by the ED officials for trying to tamper the evidence and obstructing the ED officials from conducting searches in January this year.

The central agency has alleged that the bank was run like a family proprietorship by the Mulchandani and loans were sanctioned without following the norms due to which 92 percent of the loan accounts turned into Non Performing Assets (NPA.


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