The Enforcement Directorate (ED) has arrested an alleged defaulter, Sagar Suryavanshi, in connection with the Seva Vikas Cooperative Bank fraud case. He has been remanded to the ED’s custody by a special court till June 26.
The case relates to disbursement of loans on the basis of fake documents by the bank’s former chairman Amar Mulchandani. The alleged beneficiaries of the loan included Vinay and Vivek Aranha of Pune-based Rosary Education Group, Suryavanshi and one Khemchand Bhojwani.
ED seized asssets
The ED had seized assets worth ₹122.35 crore belonging to Mulchandani, the Arhanas, Suryavanshi, Bhojwani and their families in connection with the irregularities in the bank. The Board of Directors of Seva Vikas Sahakari Bank had approved 124 bogus loan proposals. The board, under the chairmanship of Mulchandani, flouted rules and loans worth ₹430 crore were disbursed to different individuals and institutions.
In 2020, Cooperative Assistant Commissioner Rajesh Jadhav audited these loans and a case was registered at Pimpri police station, following which five people, including Amar Mulchandani were arrested.
