The Enforcement Directorate on Monday said it has attached four properties, including land and a school building, of the promoters of a Pune-based education group under the anti-money laundering law. The action is part of a probe into an alleged bank loan fraud against a local cooperative bank. The assets belong to Rosary Education Group and its main partners Vinay Aranha and Vivek Aranha. A provisional order for attaching four properties has been issued under the Prevention of Money Laundering Act (PMLA), the agency said in a statement.
“The present market value of the attached properties is estimated to be around Rs 98.20 crore,” it said. Vinay Aranha was arrested by the ED on March 10. The money laundering case stems from a Pune Police FIR filed on the basis of a complaint made by Shivaji Vithal Kale of Cosmos Bank against Vinay Aranha and Vivek Aranha. The complaint alleged that the accused obtained loans of Rs 20.44 crore from the bank by submitting “fake” property documents. Vinay Aranha submitted “bogus” work invoices (in the guise of refurbishment of the Rosary schools) and got loans disbursed to bogus vendors which were immediately withdrawn in cash and handed back to Aranha (Vinay), it said.
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