E-Paper
Mulchandani, Rosary School trustee under ED scanner
The agency sleuths initiated a PMLA investigation based on the predicate FIR registered at Vimantal police station against Vinay Aranha of Rosary Education Group and others for loan fraud
The Enforcement Directorate (ED) has conducted searches in 10 locations in Pune and Pimpri-Chinchwad as part of an ongoing investigation into the Seva Vikas Cooperative Bank fraud under the Prevention of Money Laundering Act (PMLA), 2002. Searches were conducted at the homes and offices of Amar Mulchandani, the ex-chairman of Seva Vikas Cooperative Bank, as well as addresses associated with Vinay Aranha of Rosary School Pune and Sagar Suryawanshi, who benefited from this scam.
The agency sleuths initiated a PMLA investigation based on the predicate FIR registered at Vimantal police station against Vinay Aranha of Rosary Education Group and others for loan fraud. Subsequently, Joint Registrar (Audit) did an independent audit of the entire Seva Vikas Coop Bank and found gross fraud and misappropriation of ₹429.6 crore spread across 126 NPA loan accounts.
The board of directors led by Mulchandani had violated all banking norms and deliberately sanctioned loans to ineligible / shell entities in order to syphon off funds.
Based on this audit report, additional multiple FIRs were registered against the loan beneficiaries and bank management including prime suspect Mulchandani. The RBI has since revoked the bank’s operating license.
ED started searches at 10 locations on January 27. The ED team accompanied by Bank panchas and CRPF encountered more resistance at the residence of Mulchandani. ED team was given to understand that he was absent, and the remaining five family members lied and tried to mislead the search team.
All the family members, as part of a well-planned conspiracy, had obstructed the lawful search of ED and this time was used by Mulchandani to erase his phones to destroy evidence.
Mulchandani was later discovered hiding in a room locked from the inside at the same location. As a result, on the basis of the ED’s complaint, the local Police booked all six residents under various sections of the IPC, and all of them (Amar Mulchandani, Ashok Mulchandani, Manohar Mulchandani, Smt Daya Mulchandani, Smt Sadhna Mulchandani, and Sagar Mulchandani) have been arrested by the Police on the conclusion of the search proceedings of ED. They have been remanded to 15 days of magistrate custody.
ED has recovered and seized gold and diamond jewellery worth ₹2.72 Crore, cash of approx ₹41 Lacs, 4 luxury cars, digital devices and various incriminating documents during the searches. Further investigation into the case is under progress.
