Pune Police Attach 42 Bank Accounts Holding Rs 82.40 Crore in Valentina Megacorp Case
Reported by Mubarak Ansari
Pune, 18th August 2026: Pune Police Commissioner Amitesh Kumar has ordered the provisional attachment of 42 bank accounts containing a total of ₹82.40 crore in connection with an alleged unregulated deposit scheme involving Valentina Megacorp LLP, its associated entities and former designated partners.
The order was issued on August 17 under Section 7(3) of the Banning of Unregulated Deposit Schemes Act, 2019. The action relates to a case registered at Alankar Police Station as Crime Register No. 68/2026 under Section 21 of the Act.
“In exercise of the powers conferred upon me, I hereby provisionally attach the following bank accounts,” Commissioner of Police Amitesh Kumar said in the order.
According to a press note issued by the Economic Offences Wing of the Pune Crime Branch, Valentina Megacorp LLP, its associated limited liability partnerships and a former designated partner allegedly accepted unauthorised deposits.
The provisional attachment covers accounts held with ICICI Bank, Kotak Mahindra Bank, IDFC First Bank, Axis Bank, Yes Bank, HDFC Bank, IndusInd Bank, IDBI Bank, HSBC Bank and the State Bank of India.
The accounts are held in the names of several associated entities and individuals, including Valentina Pharma LLP, Valentina Overseas LLP, Valentina Holiday Resorts LLP, Valentina Industries Limited, Valentina Health Care LLP, Valentina Wealth Educare LLP, Valentina Women’s Empowerment Foundation LLP, Malhar Phoenixsec Landscape LLP, Santosh Bandal Social and Educational Foundation, Valentina IT Megacorp LLP, Valentina Construction LLP, Santosh Bandal Construction LLP, Phoenixsec Services LLP, Valentina Industries Private Limited, Valentina IT Solutions LLP and Valentina Agro LLP.
Accounts held in the names of Santosh Bandal, Dnyaneshwar Chorage and Sushma Chorage have also been provisionally attached, according to the schedule appended to the order.
New investors allegedly induced with promise of returns
The attachment order states that the competent authority examined the material placed before it and formed the opinion that the designated partners had allegedly accepted unregulated deposits by promising substantial returns.
Police alleged that the entity had no other profitable business and that money collected from new investors was used to make repayments to earlier investors.
The competent authority also recorded its belief that the entities and individuals concerned had allegedly solicited or accepted deposits in contravention of Section 3 of the Act. It expressed concern that they might not be able to repay depositors in the future.
The order further stated that money and other properties were allegedly acquired using the deposits in the names of the entity, other individuals and associated LLPs. Police said the assets needed to be secured and preserved in the interests of depositors.
Of the total amount attached, one HDFC Bank account in the name of Valentina IT Megacorp LLP had a listed balance of approximately ₹34.10 crore. A Kotak Mahindra Bank account held by the same entity had about ₹20.87 crore, while an ICICI Bank account had approximately ₹12.93 crore.
Other major balances included approximately ₹5.99 crore in an account held by Valentina Agro LLP, ₹1.46 crore in a Yes Bank account held by Valentina IT Megacorp LLP, ₹1.15 crore in an ICICI Bank account held by Valentina Industries Limited and ₹1.02 crore in an Axis Bank account held by the same company.
Attachment subject to court’s further orders
The police clarified that the attachment is provisional and will remain subject to further orders from the designated court. It should not be treated as a final determination of the ownership or title of the attached funds.
Section 7(3) of the Act empowers the competent authority to provisionally attach deposits and assets when it has recorded reasons to believe that deposits are being solicited or accepted in violation of the law.
The Banning of Unregulated Deposit Schemes Rules also provide for the publication of provisional attachment orders in English and vernacular newspapers circulating in the area where the deposit-taker is located.
Further investigation into the alleged collection and use of the deposits is underway.
