In an official statement on Friday, the ED said that it has attached 47 immovable properties in Pune, and movable assets worth Rs. 122.35 crore in the money laundering investigation in Rs. 429 crore Seva Vikas Coop. Bank fraud case
One of the attached property. Pic/ Official Twitter account of ED
The Enforcement Directorate (ED) on Friday said that it has attached 47 immovable properties worth Rs 121.81 crore and movable assets worth Rs 54.25 lakh belonging to Amar Mulchandani, Vivek Aranha, Sagar Suryawanshi, Khemchand Bhojwani and their family members in a Prevention of Money Laundering Act (PMLA) case connected with the Seva Vikas Co-operative Bank loan fraud case.
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In an official statement on Twitter on Friday, the ED said, "ED has attached 47 immovable properties in Pune, Maharashtra and movable assets worth Rs. 122.35 crore belonging to Amar Mulchandani, Vivek Aranha, Sagar Suryawanshi and others and their family members/entities, in the money laundering investigation in Rs. 429 crore Seva Vikas Coop. Bank fraud case."
ED has attached 47 immovable properties in Pune & movable assets worth ₹122.35 Cr belonging to Amar Mulchandani, Vivek Aranha, Sagar Suryawanshi and others & their family members/entities, in the money laundering investigation in the ₹429 Cr Seva Vikas Coop. Bank fraud case. pic.twitter.com/8nbqLHL9tR
— ED (@dir_ed) May 19, 2023
The ED had initiated a PMLA investigation based on an FIR registered by Pune Police against Vinay Aranha of Rosary Education Group and others for alleged bank loan fraud.
Joint Registrar (Audit) did an audit of the entire Seva Vikas Co-operative Bank and found gross fraud and misappropriation of Rs 429.6 crore across 124 NPA loan accounts.
Earlier, in a statement in January, in connection with the Seva Vikas Co-operative Bank fraud case, the ED had said that The agency said an audit of the cooperative bank found "gross fraud and misappropriation of funds worth Rs 429.6 crore, spread across 126 NPA (non-performing asset) loan accounts," the PTI had reported.
The Board of Directors, led by Amar Mulchandani, had violated all banking norms and deliberately sanctioned loans to ineligible/shell entities to siphon off the funds, the agency had earlier alleged, as per the PTI.
Meanwhile, based on an audit report, additional multiple FIRs were registered against the loan beneficiaries and bank management, including Amar Mulchandani. The RBI has cancelled the licence of the bank, the ED had earlier said in a statement, according to the PTI.
(with PTI inputs)
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