Seva Vikas Bank fraud case: ED files chargesheet against two contractual employees for sharing confidential docs

The two were accused of handing over copies of a few case-related papers, including witness statements, recorded in the money laundering case relating to the alleged fraud at Pune’s Seva Vikas Co-operative Bank

MUMBAI: The Enforcement Directorate (ED) on Wednesday submitted its chargesheet in a special PMLA court against two of its office assistants arrested in March. The two were accused of handing over copies of a few case-related papers, including witness statements, recorded in the money laundering case relating to the alleged fraud at Pune’s Seva Vikas Co-operative Bank.

HT Image

The accused persons, Vishal Kudekar and Yogesh Waghule, were hired as private contractual employees by the ED and the chargesheet against them also named the alleged bribe giver. The agency alleged that an aide of the accused in the money-laundering case had befriended the two and subsequently made payments to them for the favour, in what was seen as an alleged attempt to influence or weaken the probe.

The duo was allegedly paid up to ₹13,000 by Bablu Sonkar, an associate of Amar Mulchandani, former chairman of the Seva Vikas Bank and an accused in the money-laundering case. ED had alleged that Kudekar gave ₹2,500 received from Sonkar to Waghule for providing the documents. The ED in March also arrested Sonkar.

The agency had alleged that Sonkar was trying to subvert the probe, using proceeds of crime. As per provisions of the Prevention of Money Laundering Act, the act of knowingly assisting in the use of proceeds of crime amounted came under the ambit of the offence of money-laundering, an ED official said.

In October 2020, the Reserve Bank of India (RBI) had cancelled Seva Vikas Bank’s licence on grounds that the lender did not have adequate capital and earning prospects. The bank had ceased to operate with effect from the close of business hours on Oct 10, 2022.

ED’s probe in the bank case had revealed that its former Board of Directors had allegedly violated banking norms while sanctioning loans to ineligible entities. Loan funds worth several crores were spread across accounts declared as Non-Performing Assets (NPA). As per an audit report’s findings, these funds were allegedly misappropriated.

The bank’s ex-chairman had allegedly headed a committee that sanctioned the loans to an educational trust without assessing its creditworthiness and ability to repay. The trust defaulted on repayment, which resulted in loss to the bank. The Pune-based trust had taken loans amounting to over ₹11 crore by mortgaging their already sold properties as collateral.