Archive · 22 Aug 2025
ED Returns Suryawanshi Group Assets in Bank Fraud Case
The government is giving back money to people who were cheated in a bank.
They're doing this by selling off properties belonging to a group that took out fake loans.
A former bank chairman gave loans to people who weren't likely to pay them back.
The money from the sale will go to those who lost money.
The group used the loan money to buy property for themselves, instead of for what the loans were meant for.
Because of this, the loans were not paid back.
ED restituted assets worth Rs 45.26 crore to Seva Vikas Co-operative Bank's liquidator.
The assets belonged to the Sagar Suryawanshi Group, involved in a money laundering case.
Former bank chairman Amar Mulchandani sanctioned loans without proper credit checks.
Suryawanshi allegedly obtained fraudulent loans worth Rs 41.42 crore with family members.
The funds were used for personal gain and resulted in non-performing assets.
- Who
- The ED, the liquidator of Seva Vikas Co-operative Bank, and the Sagar Suryawanshi Group.
- What
- The Enforcement Directorate (ED) restituted assets of the Sagar Suryawanshi Group.
- When
- Recent - order issued by Special PMLA Court.
- Where
- Mumbai, concerning the Seva Vikas Co-operative Bank.
- Why
- To refund depositors cheated in the Seva Vikas Co-operative Bank fraud case.
- Bank Involved
- Seva Vikas Co-operative Bank
- Fraudulent Loans Beneficiary
- Sagar Suryawanshi Group
- Attached Assets Value
- Rs 45.26 crore
- Former Chairman
- Amar Mulchandani
- Outstanding NPA
- Rs 60.67 crore (as of March 31, 2021)
Sources
ED attaches fresh assets worth over Rs 260 crore in Rose Valley case
Seva Vikas Co-operative Bank fraud case: Depositors to get lost money after liquidation of former bank chairman’s properties worth Rs 45 crore
