Pune: Director of Rosary Education Group Vinay Aranha and Advocate Sagar Suryawanshi Produced in Shivajinagar Court in Connection with Multi-Crore Bank Loan Scam

Pune: Vinay Aranha, the director of Rosary Education Group, and Advocate Sagar Suryawanshi were apprehended by the State Criminal Investigation Department (CID) and produced before a special court in Shivajinagar late last night. Their detention is linked to a sprawling multi-crore loan misappropriation case involving Seva Vikas Bank.

Aranha was initially detained by the Enforcement Directorate (ED) in the financial misappropriation case. However, the Financial Offenses Wing of the CID commenced an investigation into the loan scam at Seva Vikas Bank, leading to multiple cases of fraud being registered against Aranha.

After that, Aranha filed a petition in the Bombay High Court, seeking the quashing of his charges. Accordingly, the High Court quashed the charges against him and acquitted him. However, a subsequent petition was filed by CID in the Supreme Court against the order of the High Court. In their judgement, the Supreme Court gave the CID permission to investigate further in the case. Accordingly, the CID team interrogated Aranha and Advocate Suryawanshi and arrested them.

Aranha stands accused as the prime perpetrator in the multi-crore embezzlement case of Seva Vikas Bank, headquartered in Pimpri. According to the reports, there were 1 lakh account holders in a total of 25 branches of the bank. Between 2010 and 2020, multiple complaints were lodged with the Reserve Bank of India regarding malpractices at Seva Vikas Bank, which prompted the serious intervention of the RBI in the case.

Accordingly, in June 2021, the Reserve Bank highlighted multiple discrepancies in the bank’s function, leading to the appointment of an administrator over the bank.

Furthermore, the investigation into the bank’s affairs uncovered staggering misappropriations totalling Rs 429 crore, leading to the interrogation of bank officials, including chairman Amar Mulchandani, by the Enforcement Directorate. At that time, Aranha was also arrested. After his arrest, Vinay Aranha was admitted to Sassoon Hospital from Yerawada Jail on the pretext of deteriorating health. There, he met drug trafficker Lalit Patil. It was revealed in the investigation that Aranha helped Lalit Patil escape from Sassoon Hospital.

Meanwhile, Vinay Aranha and Advocate Sagar Suryawanshi were produced in court on Thursday at midnight. They were produced in court after the accused in the Musewala murder case were produced in the special court in Shivajinagar at midnight.

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