Ex-Chairman of Seva Vikas Co-operative Bank arrested by ED for Rs 429 cr fraud case
The Enforcement Directorate (ED) has made an arrest in connection with a fraud case involving Seva Vikas Co-operative Bank. Former Chairman, Amar Sadhuram Mulchandani, has been taken into custody by the ED under the Prevention of Money Laundering Act. The arrest comes as part of the investigation into an alleged fraud amounting to Rs 429 crore.
The ED has been probing the case and has found evidence of money laundering activities. Mulchandani’s arrest signifies a significant development in the ongoing investigation. The ED is determined to uncover the truth and hold those responsible accountable for their actions.
The arrest sends a strong message that financial fraud and money laundering will not be tolerated. Further actions will be taken as the investigation progresses to ensure justice is served and the interests of the bank’s stakeholders are protected. The ED’s efforts reflect its commitment to combating financial crimes and maintaining the integrity of the banking system.
