Pune: Vinay Aranha Released from Jail After Two Years, Bombay HC Grants Bail in Money Laundering Case
Pune, 19th March 2025: Two years after his arrest, Vinay Aranha, partner of the Rosary Education Group, was released from Taloja Central Prison on Monday. His release comes after the Bombay High Court granted him bail on March 12 in connection with an alleged ₹46.5 crore money laundering case under investigation by the Enforcement Directorate (ED).
In its ruling, the bench led by Justice N J Jamdar emphasized that prolonged detention without the possibility of a swift trial violates an individual’s fundamental rights. “The Supreme Court has clearly stated that when there is no real prospect of a trial commencing and concluding within a reasonable timeframe, continued detention infringes upon Article 21 of the Constitution of India. The principle that bail is the rule and jail is the exception applies even under the Prevention of Money Laundering Act (PMLA),” the court observed.
As part of his bail conditions, Aranha was required to furnish a ₹1 lakh personal bond along with sureties of the same amount. Additionally, he has been restricted from leaving the jurisdiction of the PMLA court in Greater Mumbai without prior permission.
Aranha’s legal counsel, Mithilesh Mishra, stated, “We have already filed an application in the High Court seeking a modification of the bail conditions, allowing our client to reside in Pune, as he is a permanent resident.”
The ED had arrested Aranha on March 10, 2023, after he allegedly defaulted on a ₹46.5 crore loan taken from Cosmos Co-operative Bank. The prosecution, represented by ED counsel H S Venegaonkar, argued that Aranha had fraudulently obtained a larger loan under the name of Rosary Education Group by submitting forged documents.
However, Aranha’s lawyer, Ashok Mundargi, countered the allegations, asserting that the ED had failed to provide his client with a written explanation for his arrest, as mandated under Section 19 of the PMLA. “There is no clear case of money laundering against him,” Mundargi argued.
Considering the length of incarceration, the uncertainty of trial completion, and the principle of fundamental rights, the Bombay High Court ruled in Aranha’s favor. “Given the circumstances, I find it necessary to exercise discretion in favor of the applicant while granting bail,” the court stated.
Aranha’s legal team is now awaiting the High Court’s decision on their request for a change in his bail conditions, which would allow him to reside in Pune.
