The Bombay high court rejected the medical bail plea filed by Amar Mulchandani, the former chairman of Seva Vikas Co-operative Bank, who was arrested by the Enforcement Directorate (ED) for his alleged involvement in cheating the bank of Rs 429.57 crore, HT reports..
The court, however, directed the superintendent of Arthur Road to admit him to JJ Hospital, as an indoor patient for two weeks of treatment.
On July 1, 2023, Mulchandani was arrested by the ED on charges of financial malpractice during his tenure as chairman of the Pune-based Seva Vikas Cooperative Bank.
The ED’s allegations are that between 1997 and 2003, as well as from 2009 to 2020, Mulchandani was involved in the illicit generation and layering of criminal proceeds totalling Rs 429.57 Crore.
