On 27.01.2023, the Directorate of Enforcement (ED) launched a search operation at ten locations in Pune and Pimpri-Chinchwad as part of an ongoing investigation under the PMLA 2002 linked to a bank fraud at Seva Vikas Cooperative Bank. Searches were conducted at the homes and offices of Amar Mulchandani, ex-Chairman of Seva Vikas Co-operative Bank, as well as locations associated with Vinay Aranha of Rosary School Pune and Sagar Suryawanshi, who benefited from this scheme.
The ED launched a PMLA probe based on a preliminary FIR filed at Vimantal PS in Pune against Vinay Aranha of Rosary Education Group and others for loan fraud. Following that, the Joint Registrar (Audit) conducted an audit of the whole Seva Vikas Coop Bank and discovered severe fraud and embezzlement of Rs 429.6 Crore split across 126 NPA Loan accounts. The Board of Directors, chaired by Amar Mulchandani, had willfully breached all banking regulations by sanctioning loans to ineligible / shell businesses in order to syphon off monies. Based on this audit report, various FIRs were filed against the loan recipients and the bank’s management, including its ex-Chairman Amar Mulchandani. The RBI has revoked the bank’s licence.
On 27.1.2023, ED began searching at ten different places. The ED team, joined by Bank panchas and CRPF, encountered more opposition at Amar Mulchandani’s bungalow. The ED team was told that Amar Mulchandani was missing, and Amar’s remaining five family members lied and attempted to mislead the search squad. All of the family members had hindered the authorised search of ED as part of a well-planned conspiracy, and this time was exploited by Amar Mulchandani to delete his phones in order to destroy evidence.
Aman Mulchandani was later discovered hiding in a room barred from the inside at the same location. As a result of the ED’s complaint, 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) were arrested by the Police after the ED’s search was completed. They have been remanded in custody.
During the searches, the ED found and seized gold and diamond jewellery worth Rs 2.72 crore, cash worth around Rs 41 lacs, four high-end automobiles, digital gadgets, and many incriminating papers, among other things. The situation is currently being investigated further.
