New Delhi [India], May 19 : The Enforcement Directorate (ED) on Friday attached 47 immovable properties worth Rs 121.81 crore and movable assets worth Rs 54.25 lakh belonging to the accused in Seva Vikas Coop Bank loan fraud case under Prevention of Money Laundering Act (PMLA).
The ED initiated a PMLA investigation based on an FIR registered by Pune Police against Vinay Aranha of Rosary Education Group and others for loan fraud.
The central agency attached the assets of Amar Mulchandani, Vivek Aranha, Sagar Suryawanshi, Khemchand Bhojwani and their family members in the bank loan fraud case.
The ED initiated a PMLA investigation based on an FIR registered by Pune Police against Vinay Aranha of Rosary Education Group and others for loan fraud.
Joint Registrar (Audit) audited the entire Seva Vikas Coop Bank and found gross fraud and misappropriation of Rs 429.6 Crore across 124 NPA Loan accounts.
Based on this audit report, additional FIRs were registered against the loan beneficiaries and Bank management including its ex-Chairman Amar Mulchandani.
The RBI had cancelled the license of the Bank.
The ED is investigating the entire Bank fraud in which small deposits of thousands of innocent depositors have been siphoned off by illegal loans sanctioned by the management of the Bank.
The ED investigation established that Amar Mulchandani treated public deposits in the Bank like his personal money and violated all prudent Banking norms. He allegedly illegally sanctioned and provided loans to his known borrowers in an arbitrary manner. He allegedly extorted a 20 per cent commission from each sanctioned loan.
"He made his family members as Directors in the bank with a clear motive to have a brute majority in the Board of Directors to sanction loans as per his whims and fancies. Amar Mulchandani also sanctioned various benami bogus loans to siphon off money. Major Loan defaulters Vinay Aranha, Sagar Suryawanshi and Khemchand Bhojwani, etc were found to be hand in glove with Amar Mulchandani. They acted as mutual guarantors in their loan accounts which all turned NPA. Loans were sanctioned to them illegally and with a clear objective from day one to default the loan. New loans were sanctioned to repay older loans."
The ED has traced several benami investments made by Amar Mulchandani and others.
Further investigation in the matter is underway.
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