Pune: Rosary School Building Among 47 Properties Attached By ED In Rs 429 Crore Fraud Case Involving Seva Vikas Bank
Pune, 19th May 2023: The Enforcement Directorate (ED) has attached 47 immovable properties in Pune and movable assets worth Rs 122.35 Crore belonging to Amar Mulchandani, Vivek Aranha, Sagar Suryawanshi and others and their family members/entities, in the money laundering investigation in the Rs 429 Crore Seva Vikas Cooperative Bank fraud case.
In a major development, the president of Seva Vikas Cooperative Bank, Amar Mulchandani, was arrested by the Enforcement Directorate (ED) in January on charges of money laundering. The arrest came after allegations that the cooperative bank was being operated like a family-run business, disregarding sound financial practices. Loans were approved without proper security or consideration of the borrowers’ creditworthiness, in exchange for substantial kickbacks. As a result, nearly 92 percent of the loan accounts turned into non-performing assets (NPA), rendering the bank insolvent.
The fraudulent activities and misappropriation of public funds led to a staggering loss of Rs 429 crore for the cooperative bank. Multiple First Information Reports (FIRs) were registered at various police stations in Pimpri-Chinchwad regarding this matter.
During the ED’s investigation in January 2023, searches were conducted at ten locations associated with the accused. The authorities seized gold and diamond jewellery worth Rs 2.72 crore, cash amounting to Rs 41 lakh, four luxury cars, digital devices, and incriminating documents from Mulchandani’s residence and office premises. Subsequently, the main accused and five members of his family were arrested by the Pimpri police, following an FIR filed by the ED. They were charged with attempting to tamper with evidence and obstructing government officials from performing their duties, as per Section 353 of the Indian Penal Code (IPC).
It is worth noting that the Pimpri-Chinchwad unit of the Bharatiya Janata Party (BJP) had earlier distanced itself from the ED’s actions against Mulchandani, indicating a clear distinction between the party and the ongoing investigation.
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