Pune: ED Attaches Properties Worth Rs 98 Crores of Rosary Education Group and Partners In Cosmos Bank Fraud

Pune, 20th March 2023: The Enforcement Directorate (ED) has provisionally attached lands and school buildings totaling Rs 47.1 crore belonging to M/s Rosary Education Group and its partners, Vinay Aranha and Vivek Aranha, as part of their ongoing investigation into a bank fraud case. The provisional attachment was made under the provisions of the Prevention of Money Laundering Act (PMLA) 2002.

The ED’s investigation was sparked by an FIR filed by the Pune police following a complaint made by Cosmos Bank’s Shivaji Vithal Kale against Vinay Aranha and Vivek Anthony Aranha. The complaint alleged that the accused obtained a loan of Rs 20.44 crore from Cosmos Bank by submitting fake property documents.

According to ED officials, the accused obtained multiple loans, including car loans, from Cosmos Cooperative Bank Pune in 2013-14 by submitting fabricated property documents that were heavily overvalued. Vinay Aranha reportedly submitted bogus invoices (in the guise of refurbishment of the Rosary school), and the loans disbursed to bogus vendors were later withdrawn in cash and handed to Vinay Aranha. Vinay Aranha allegedly divested these loans for which he was otherwise ineligible and received crore of rupees in cash.

Following ED’s investigation, Vinay Aranha was arrested on 10th March 2023, under the Prevention of Money Laundering Act on charges of obstruction and non-cooperation with the inquiry. The investigative agency has revealed that Vinay has failed to provide a satisfactory account of the cash utilization, and neither his schools nor his foundation maintained the record of income, expenditure & revenue since 2012.

Further inquiries have also led to the arrest of several other accused persons who admitted to not doing any work and returning the cash (of Rs 34 Crore) disbursed to them. In total, properties worth Rs 98.20 Crore, including lands and school buildings owned by Vinay Aranha and his family, have been provisionally attached.

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