Cosmos Cooperative Bank loan fraud: ED arrests educationist Vivek Aranha

New Delhi: The Enforcement Directorate (ED) has arrested Vivek Aranha, partner in Rosary Education Group, Pune, under the provisions of PMLA, an official said on Saturday.

Aranha was produced before a Sessions Judge Mumbai on Friday which remanded him to ED's custody till March 20.

The ED has alleged that Aranha had obtained multiple loans totalling Rs 46 crore from Cosmos Cooperative Bank, Pune, by submitting fabricated documents of property as mortgage with the bank, and thereafter diverted the same for his extravagant lifestyle causing a loss of Rs 45 crore to the bank.

The ED initiated investigation on the basis of the FIR registered by Pune Police on the basis of complaint of Shivaji Vithal Kale of Cosmos Bank against Vinay Aranha and Vivek Anthony Aranha wherein it was alleged that the accused persons had obtained loan of Rs 20.44 crore from Cosmos Bank by submitting fake documents of property.