On 10.03.2023, Vinay Vivek Aranha, a partner in the Rosary Education Group, Pune, was taken into custody by the Directorate of Enforcement (ED) in accordance with the PMLA. He was presented to the Additional Session Judge of the City Civil and Sessions Court in Bombay, and the court granted the ED custody of him till March 20, 2023. According to the allegations, the accused Vinay Vivek Aranha obtained multiple loans totalling Rs 46 crore from Cosmos Cooperative Bank, Pune, by submitting false property mortgage documents to the bank. Then, it is claimed that he utilised the loans for purposes other than what they were meant for, causing Cosmos Bank to lose Rs 45 crore as a result.
Based on an FIR filed by the Pune Police in response to a complaint made by Shivaji Vithal Kale of Cosmos Bank, who claimed that the accused had obtained a loan of Rs 20.44 Crore from Cosmos Bank by submitting fictitious property documents, Vinay Aranha and Vivek Anthony Aranha were the subject of an investigation by the ED.
ED inquiry found that Vinay Aranha was the main person of Rosary Education Organization and he had secured a total of 7 loans totalling Rs 46 Crore for the declared purpose of repair and construction of schools. Instead of using these loans, he conspired with his friends and associates to transfer Rs 21 crore to M/s Paramount Infrastructure, Shabbir Patanwala, Ashwin Kamat, and M/s Deepti Enterprises. Instead of being used for the intended reasons, the money was quickly withdrawn in cash and sent to Vinay Aranha in accordance with his instructions.
In order to pay for unauthorised costs, Vinay Aranha took around Rs. 17.66 crores in cash from the total loan amount. It’s a good idea to have a backup plan in case the backup fails. During the ED investigation, he was evasive and uncooperative and regularly disregarded ED summonses. The summonses were despatched, however, they were marked “Refused” on the envelope when they were returned as undeliverable. In order to avoid appearing before ED, he was found to be presenting bogus medical certifications to them. Further research is being done.
