Bombay HC Grants Bail to Rosary Education Group Partner Vinay Aranha in Money Laundering Case
Bombay HC Grants Bail to Rosary Education Group Partner Vinay Aranha in Money Laundering Case
After two years in Taloja Central Prison, Vinay Aranha, a partner at the Rosary Education Group, was released on Monday. His release came after the Bombay High Court granted him bail on March 12 in a case involving alleged money laundering of ₹46.5 crore, under investigation by the Enforcement Directorate (ED).
The court, led by Justice N J Jamdar, ruled that extended detention without a swift trial violates an individual’s fundamental rights. It emphasized that continued detention without the prospect of a timely trial is a violation of Article 21 of the Indian Constitution, and that bail should be the rule rather than jail, even under the Prevention of Money Laundering Act (PMLA).
As part of his bail conditions, Aranha was required to post a ₹1 lakh personal bond and provide sureties for the same amount. He is also restricted from leaving the jurisdiction of the PMLA court in Greater Mumbai without prior permission. Aranha’s lawyer, Mithilesh Mishra, stated that they have filed an application with the High Court to modify the bail conditions, requesting that Aranha be allowed to reside in Pune, his permanent residence.
On March 10, 2023, Aranha was arrested for allegedly defaulting on a ₹46.5 crore loan from Cosmos Co-operative Bank. The Enforcement Directorate (ED) accused Aranha of obtaining the loan fraudulently by using forged documents under the name of the Rosary Education Group. However, Aranha’s lawyer argued that the ED did not provide a written explanation for his arrest, which is required by law. He also claimed that the ED failed to present any clear evidence of money laundering.
The Bombay High Court decided to release Vinay Aranha on bail because he had been in jail for a long time and there was no clear timeline for his trial. The court felt it was important to protect his basic rights. Now, his lawyers are waiting to see if the court will let him live in Pune, his hometown, while he’s out on bail.
