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CID arrests Sheetal Tejwani for alleged ₹7.25 crore bank load fraud
CID has arrested Sheetal Tejwani for allegedly defaulting on loans worth over ₹7.25 crore obtained from Seva Vikas Cooperative Bank and diverting the funds for purposes other than those stated
Pune: The Criminal Investigation Department (CID) has arrested Sheetal Tejwani Suryavanshi for allegedly defaulting on loans worth over ₹7.25 crore obtained from the Seva Vikas Cooperative Bank and diverting the funds for purposes other than those stated. Tejwani was produced before a court on Monday, which remanded her to police custody till January 6.
The case forms part of the larger probe into the alleged illegal sale of government land in Mundhwa and Bopodi to Amadea LLP Enterprises, in which deputy chief minister Ajit Pawar’s son Parth Pawar is a partner.
Investigators on Monday said Tejwani misused multiple loans sanctioned by the bank. A ₹3 crore loan approved for the purchase of a luxury Range Rover was allegedly used to buy a pre-owned Lamborghini. In addition, a ₹2 crore loan taken in the name of business expansion was transferred to the account of Rosary Global School, run by co-accused Vinay Aranha. Another vehicle loan of ₹2.25 crore was allegedly diverted to Aranha’s personal savings account.
A case pertaining to large-scale loan irregularities at Seva Vikas Cooperative Bank has been registered at Pimpri police station. The CID investigation has revealed that the bank’s former board of directors sanctioned high-value loans on the basis of forged documents. Owing to non-repayment by borrowers, loans worth ₹238 crore turned into non-performing assets (NPAs). In all, 104 loan accounts belonging to 67 borrowers are pending, with total dues, including interest, amounting to ₹436.98 crore. Tejwani alone has six defaulted loan accounts, three of which account for dues exceeding ₹7.25 crore, officials said.
According to investigators, in March 2014, Tejwani sought a ₹2 crore loan from the bank’s Budhwar Peth branch to purchase a new Range Rover. The loan was sanctioned without obtaining a quotation or a dealer’s letter. In September 2014, she informed the bank that she had instead purchased a used Lamborghini Gallardo. The vehicle was allegedly “valued” in a parking area at Modi Baug in Shivajinagar. Police later found that the car was never registered with the RTO and that a forged registration certificate had been created.
Further, Tejwani allegedly secured a ₹3 crore loan from the bank’s Pimpri head office in the name of M/s. Paramount Infrastructure for business expansion, which was diverted to the account of Rosary Global School. She also obtained a ₹2.25 crore car loan in the name of M/s. Renuka Lawns, which was transferred to Aranha’s savings account.
Investigators said the diversion of funds caused significant losses to depositors. Police are probing the alleged conspiracy involving Tejwani, the co-accused, bank officials and former members of the bank’s board of directors, and are identifying other possible accused. The prosecution sought custodial interrogation to further the probe, which the court granted.
