A special PMLA court remanded Sagar Maruti Suryavanshi to ED custody till June 26 after he was detained under criminal sections of the Prevention of Money Laundering Act (PMLA) on June 15 in connection with the Seva Vikas Sahakari Bank fraud case in Pune.
The bank incurred a loss of Rs 429 crore in 124 non-performing asset (NPA) loan accounts, leading to bankruptcy and loss of thousands of small depositors. The ED launched a money laundering probe based on several FIRs filed in Pune against the defaulters, including the bank’s former chairman Amar Moolchandani, its directors and officers.
“Sagar Suryavanshi and his relatives were found to have defrauded the bank to the tune of Rs 60.67 crore in 10 NPA loan accounts. He then took loans with the connivance of Amar Mulchandani without sufficient credit and repayment capacity,” PTI news agency said in a statement. Meanwhile, the Maharashtra police had arrested Mulchandani and five of his family members on January 27 for “obstructing” the ED’s raid against the former bank chairman and for “destroying evidence”.
ED investigation revealed the truth
An ED official said, “Amar Moolchandani was running the bank as a family owned bank without following any prudent banking norms. The loan was approved by paying a huge bribe. The investigation revealed that more than 92% of the loan accounts were NPAs, which eventually led to the collapse of the bank. Meanwhile, the Reserve Bank revoked the bank’s license.
The ED investigation also proved that Amar Mulchandani treated the public deposits in the bank as his “personal deposit” and violated all banking norms to illegally sanction loans to his preferred borrowers in an arbitrary manner. He took the shame by taking 20% commission on the sanctioned loan amount. He made his family members directors in the bank with the clear intention of having an overwhelming majority on the board of directors to sanction loans at will and discretion. Assets worth Rs 122.35 crore have been provisionally attached in this case so far, the agency said.