Pune : 47 Properties Attached By ED In Seva Vikas Bank’s Rs 429 Crore Fraud Case

Pune: The Enforcement Directorate has taken possession of 47 assets, both immovable and movable, belonging to the arrested individuals and their family members involved in the Seva Vikas Cooperative Bank fraud case.

In its tweet, the ED stated that they have seized 47 immovable properties located in Pune, along with movable assets valued at Rs 122.35 Crore. These assets are connected to Amar Mulchandani, Vivek Aranha, Sagar Suryawanshi, and others, who are currently under investigation for money laundering in relation to the Rs 429 Crore fraud case involving Seva Vikas Cooperative Bank.

Previously, in January, the ED had apprehended Amar Mulchandani, the president of Seva Vikas Cooperative Bank, in connection with the money laundering investigation.

It was alleged that the bank was being operated like a family business, disregarding proper financial regulations. Loans were approved without adequate collateral or consideration of the applicants’ creditworthiness, in exchange for substantial kickbacks. As a result, nearly 92% of the loan accounts became non-performing assets, rendering the bank insolvent. The fraudulent activities and misappropriation of public funds caused a loss of Rs 429 crore to the cooperative bank. Multiple First Information Reports (FIRs) were lodged with the Pune Police regarding this matter.