Pune: The Directorate of Enforcement (ED) has arrested Vinay Vivek Aranha, a partner in the Rosary Education Group, on charges of money laundering. He is accused of obtaining loans of ₹ 46 Crore from Cosmos Cooperative Bank in Pune using fabricated documents of property as mortgage with the bank. He then diverted the loans from the stated purposes and utilized the same for his extravagant lifestyle, causing a loss of ₹46 Crore to Cosmos Bank.
A complaint was lodged by Shivaji Vitthal Kale of Cosmos Bank against Vinay Aranha and Vivek Anthony Aranha. The complaint alleged that the accused persons had obtained a loan of ₹20.44 Crore from Cosmos Bank by submitting fake documents of property. ED initiated an investigation on the basis of the complaint.
ED investigation revealed that Vinay Aranha was the key person of Rosary Education Society and had availed a total of 7 loans amounting to ₹46 Crore for the stated purpose of refurbishment and redevelopment of schools. However, instead of using these loan amounts, he transferred an amount of ₹21 Crore to M/s Paramount Infrastructure, Shabbir Patanwala, Ashwin Kamat, and M/s Deepti Enterprises. The amount so deposited was not used for the stated purposes, but was soon withdrawn in cash and handed over to Vinay Aranha as per his directions. In this way, out of the total loan amount, around ₹17.66 Crore were withdrawn in cash by Vinay Aranha and spent on undocumented expenditures.
During the course of ED investigation, Vinay Aranha was evasive and non-cooperative and did not respond to multiple summons of ED. The summons issued were returned undelivered with postal remarks “Refused”. It was found that he was submitting bogus medical certificates to ED to avoid appearances before ED.
The accused was produced before Addl. Session Judge, City Civil & Sessions Court, Mumbai, and the Court has granted his custody to ED till 20.03.2023. Further investigation is ongoing.