ED nabs Rosary Education Group partner for fraudulently obtaining loans
The probe agency said Aranha allegedly diverted loans from the stated purposes of the loans and utilised the same for his extravagant lifestyle, causing a loss of Rs 45 crore to Cosmos Bank.
ANI
Mar 11, 2023 15:32 IST
New Delhi [India], March 11 (ANI): The Directorate of Enforcement (ED) on Saturday said it arrested Vinay Vivek Aranha, a partner in the Rosary Education Group, in a case pertaining to submitting fabricated documents of property as mortgage with Cosmos Cooperative Bank in Pune, to obtain multiple loans, totalling Rs 46 crore.
The probe agency said Aranha allegedly diverted loans from the stated purposes of the loans and utilised the same for his extravagant lifestyle, causing a loss of Rs 45 crore to Cosmos Bank.
According to the statement, he was produced before the City Civil and Sessions Court in Mumbai and the court has granted his custody to ED till March 20, 2023.
ED initiated the investigation on the basis of the first information report (FIR) registered by Pune Police on the basis of a complaint of Shivaji Vithal Kale of Cosmos Bank against Vinay Vivek Aranha and Vivek Anthony Aranha (both partners in the group) wherein it was alleged that the accused persons had obtained a loan of Rs 20.44 crore from Cosmos Bank by submitting fake documents of property.
The investigation revealed that Vinay Aranha was the key person of Rosary Education Society and he had availed as many as seven loans amounting to Rs 46 crore for the stated purpose of refurbishment and redevelopment of schools.
However, instead of using these loan amounts, in connivance with his friends and associates, he transferred an amount of Rs 21 crore to Paramount Infrastructure, Shabbir Patanwala, Ashwin Kamat and Deepti Enterprises. The amount so deposited was not used for the stated purposes, but was soon withdrawn in cash and handed over to Vinay Aranha as per his directions. In this way, of the total loan amount, around Rs 17.66 crore was withdrawn in cash by Vinay Aranha and has been spent on undocumented expenditures.
The probe agency said he made large payments to celebrities to host gala events (in the name of Vinay Aranha foundation) for self-aggrandisement and also purchased luxury cars. During the course of its investigation, he was evasive and non-cooperative and did not respond to multiple summonses from ED. The summons issued were returned undelivered with postal remarks "Refused". It was found that he was submitting bogus medical certificates to ED to avoid appearance before ED. The agency said further investigation is being done. (ANI)
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