Pune-based Rosary Education Group Partner Faces Legal Scrutiny Over Alleged Financial Irregularities
Vinay Aranha, a partner at the renowned Rosary Education Group based in Pune, has been apprehended by the Maharashtra criminal investigation department (CID) in connection with the sprawling Seva Vikas Cooperative Bank loan fraud case, adding another layer to the ongoing legal saga surrounding him.
Aranha’s arrest comes on the heels of his previous detention by the Enforcement Directorate (ED) as part of an investigation into an alleged money laundering scheme amounting to Rs 429 crore. The CID’s move signifies a significant development in the probe, with Aranha and his co-accused, Sagar Suryavanshi, now under CID custody for five days following a court hearing in Shivajinagar.
Confirming the transfer of custody from the ED, CID chief Prashant Burdge underscored that multiple cases are pending against Aranha, with the current focus on unraveling the intricate web of financial deceit surrounding the Seva Vikas Cooperative Bank.
The bank, headquartered in Pimpri, has come under intense scrutiny for purportedly flouting banking regulations by extending loans to shell companies, allegedly orchestrated to funnel funds illicitly. In response to these allegations, the Reserve Bank of India revoked the bank’s license, signaling the severity of the situation.
Prior to this development, the ED had seized 47 immovable properties and movable assets worth Rs 122.35 crore belonging to Aranha, Suryawanshi, and other entities implicated in the case.
Aranha’s legal entanglements are not new. In October 2023, he was arrested by the Pune police for allegedly aiding the escape of drug kingpin Lalit Patil. However, Aranha secured bail in January 2024, paving the way for his subsequent involvement in the ongoing investigations.
As the CID delves deeper into the Seva Vikas Bank loan fraud case, the specter of financial malpractice looms large over Aranha and his associates, underscoring the complexity and gravity of the allegations against them.
