Rosary Education's Vinay Aranha Denied Bail In ₹46.5 Crore Loan Case

Mumbai: The special PMLA court has rejected the bail application of Pune-based businessman Vinay Aranha of Rosary Education, arrested for money laundering after failing to repay a loan taken from Cosmos Co-Operative Bank. Aranha, 46, was arrested on March 10, 2023, after taking loans of Rs46.5 crore.

In his bail plea, Aranha contended that he was to settle the loans, but in the meantime, he was arrested and all his assets were attached. The ED had claimed that the majority of loan amount disbursed to various vendors were refunded to Aranhas either by way of cash or by transfer to bank accounts of different family members.

Besides, the agency said Aranha cheated the bank by procuring the funds from out of various loans by submitting fraudulent estimates, submission of introduction of partners’ capital and false details of work to be done. “Money laundering is a grave offense, and the bank, as the custodian of its account holders’ hard-earned money, bears the brunt of such illicit activities. Meanwhile, the applicant and his associates reap the benefits of the proceeds of crime... Hence, there is absolutely no basis for granting bail,” the court said.