Pune: Seva Vikas Bank Chairman Mulchandani Got 20% Kickbacks For Bad Loans, Says ED In Additional Chargesheet
Pune 12th August 2023: The Enforcement Directorate (ED) has submitted an additional chargesheet to a special court in a money laundering case involving the former chairman of Seva Vikas Co-Operative Bank (SVB), Amar Sadhuram Mulchandani. The chargesheet claims that Mulchandani received kickbacks of 20% for approving the bad loans, which later became Non-Performing Assets (NPA) and ultimately led to the bank’s downfall.
It may be noted Mulchandani was apprehended by the ED on July 1 in connection with this case. According to ED officials, he authorized dubious loans, resulting in 124 accounts with a total value of Rs 429 crore becoming non-performing assets (NPA). The ED further asserts that Mulchandani mishandled public deposits within the bank and granted loans to preferred borrowers without conducting proper credit assessments or ensuring sufficient collateral securities.
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