A special court in Mumbai has remanded a Bharatiya Janata Party’s leader and ex-chairman of Seva Vikas Cooperative Bank, Amar Mulchandani in the case related to ₹429 crore bank scam to Enforcement Directorate’s (ED) custody till July 7.
Mr. Mulchandani, the former corporator of the Pimpri Chinchwad Municipal Corporation (PCMC) was earlier with the Congress and joined the BJP in 2016. He was arrested on July 1 this year under the Prevention of Money Laundering Act, 2002.
According to ED, the arrest is made because of the bank fraud case in which the bank suffered a loss of ₹429 crore in 124 non-performing assets loan accounts. “This caused the bank to go bankrupt causing loss to thousands of small depositors”, ED states in a press release.
