Pune: Vinay Aranha Arrested by Maharashtra CID in ‘Seva Vikas Bank’ Loan Fraud Case

Vinay Aranha, a partner at the Pune-based Rosary Education Group, has been taken into custody by the criminal investigation department (CID) of Maharashtra in connection with the multi-crore Seva Vikas Cooperative Bank loan fraud case. Aranha was previously in the custody of the Enforcement Directorate (ED) as part of their investigation into an alleged money laundering scam amounting to Rs 429 crore.

CID chief Prashant Burdge confirmed the transfer of custody from the ED, stating that Aranha, along with co-accused Sagar Suryavanshi, was produced before a special court in Shivajinagar and remanded to CID custody for five days. Burdge emphasized that there are multiple cases against the accused, with one financial fraud case being investigated by the CID.

The Seva Vikas Cooperative Bank, headquartered in Pimpri, has faced allegations of violating banking norms by sanctioning loans to shell companies for the purpose of siphoning off funds. As a result, the Reserve Bank of India revoked the bank’s license. 

The ED had previously attached 47 immovable properties and movable assets worth Rs 122.35 crore belonging to Aranha, Suryawanshi, and other related entities.

In addition to the bank fraud case, Aranha had faced legal issues previously, including arrest by the Pune police in connection with aiding the escape of drug kingpin Lalit Patil in October 2023. However, Aranha was granted bail in January 2024. 

The investigation into the Seva Vikas Bank loan fraud case continues as the CID delves further into the allegations against Aranha and his associates.