A special PMLA court in Mumbai has directed the restitution of immovable properties worth Rs 45.26 crore belonging to the Sagar Suryawanshi Group, enabling liquidation of assets to compensate depositors cheated in the Seva Vikas Co-operative Bank fraud, media reports say.
The Enforcement Directorate’s Mumbai Zonal Office supported the application filed by the bank’s liquidator under Section 8(8) of PMLA, seeking release of the attached properties. The ED, citing the larger interest of depositors, filed an affidavit endorsing restitution.
Investigations had revealed that former bank chairman Amar Mulchandani, along with others, sanctioned loans to Suryawanshi without due diligence. Suryawanshi availed 10 loans worth Rs 41.42 crore, which were diverted for personal gains, turning into NPAs of Rs 60.67 crore by March 2021. The attached assets will now be liquidated to repay depositors.