The Supreme Court granted interim bail to Amar Sadhuram Mulchandani, ex-chairman of Pune’s Seva Vikas Cooperative Bank, on medical grounds.
Mulchandani was linked to a Rs 429 crore fraud involving misappropriation of public funds. Arrested on July 1 last year, he faces charges from multiple FIRs filed by Pune Police following complaints and an audit report.
The Enforcement Directorate (ED) claims Mulchandani ran the bank like a family business, approving loans in exchange for kickbacks.
Over 92% of loans turned non-performing, leading to the bank’s collapse and the RBI canceling its license.
