Pune: Ex-chairman of Seva Vikas Co-op Bank arrested by ED in fraud case

The Enforcement Directorate (ED) has apprehended Amar Mulchandani, the former chairman of Seva Vikas Co-Operative Bank, on charges related to fraud. Mulchandani, a resident of Pimpri Chinchwad, was accused under the applicable sections of the Prevention of Money Laundering Act (PMLA) by the ED.

On July 1, the central agency arrested him, and subsequently, he was presented before the PMLA court in Mumbai. The court remanded him in ED custody until July 7. In January this year, ED officials conducted searches at ten locations associated with Mulchandani. During the operation, they seized valuable items, including gold and diamond jewellery worth Rs 2.72 Crore, cash amounting to Rs 41 lakh, luxury cars, digital devices, and incriminating documents from his residences and offices.

In addition to his previous roles as deputy mayor and standing committee chairman of Pimpri Chinchwad Municipal Corporation, Mulchandani faced charges filed by the Pimpri Chinchwad Police. The charges were a result of a complaint lodged by the ED officials, who accused him of attempting to tamper with evidence and obstructing their search operations conducted in January this year.