Taking a major action, the ED has seized movable and immovable assets worth about Rs 45.26 crore of Sagar Suryavanshi Group and handed over to the liquidator of the service development co-operative bank. This step has been taken to bring back the money of depositors in the bank fraud case.

This case is related to the ongoing service development co-operative bank scam against Vinay Vivek Arranha and other accused. Investigation revealed that former bank chairman Amar Mulchandani, along with others, passed the loan in a fake way.

Bank’s dues increased to 60.67 crores

Investigation revealed that the accused Sagar Suryavanshi took 10 loans in his name and family’s name, whose total amount was Rs 41.42 crore. Many properties were purchased from these money, while a large amount of cash was withdrawn or spent in private use. As a result, all these loans became NPAs due to non -payment of deliberately and by 31 March 2021, the bank’s dues increased to Rs 60.67 crore.

ED had already attached the assets of Suryavanshi Group and filed a case in the Special Court in May 2023. Later, in view of the condition of the depositors, the ED asked the bank liquidator to apply to the court to return the money.

Support of returning money to depositors

The ED also filed an affidavit in the court and supported the return of money to the depositors. After this, the Special PMLA court of Mumbai ordered that the property of 45.26 crore of Suryavanshi Group should be handed over to the bank liquidator. This decision will provide relief to thousands of depositors whose earnings were stuck in this scam.

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