Last updated time: 11 March 2023, 15:28 IST
Opposing the ED plea, Arnaha’s lawyer said the arrest was illegal as the investigating agency had not followed proper norms (Representational photo)
Vinay Arankha, an employee of Rosary Education Group, a charitable trust that runs schools, was arrested by the Central Investigation Agency on March 9 in connection with a loan fraud case.
An education officer arrested in a money-laundering case took loans from banks to renovate his schools, but spent them on a lavish lifestyle, buying high-end cars and hosting events with Bollywood celebrities, the enforcement department told a special court. friday
Vinay Arankha, an employee of Rosary Education Group, a charitable trust that runs schools, was arrested by the Central Investigation Agency on March 9 in connection with a loan fraud case.
He said PMLA Special Judge M.G. He was taken to Deshpande, who kept him in custody till March 20.
According to the ED, Aranha is the secretary of the trust and all the other trustees are his relatives. The accused controls and is the beneficial owner of all the entities of his family.
Rosary Education Group took a loan of Rs 20 crore from Cosmos Bank between 2015 and 2016, mostly public money, to renovate the school, but the accused siphoned off huge sums of up to several million dollars for personal enrichment. lead a rich lifestyle, said ED.
“Investigations revealed that he lived a lavish and high-flying lifestyle. He hosted several events with the participation of Bollywood stars. He recklessly spent the funds used for the educational purposes of his schools. He also bought several high-end luxury cars worth crores of rupees,” the ED said in the court.
The accused did not prepare books of account for last 8-10 years for Rosary Group companies to conceal their financial position, the ED said.
Seeking his arrest, the Central Investigation Agency said that Aranha’s income and expenditure as well as misappropriation of funds should be thoroughly investigated.
Opposing the ED’s plea, Arnaha’s lawyer said the arrest was illegal as the investigating agency did not follow proper norms.
In its decision, the court said, “There is no illegality in arresting the accused. I am E.D. I am satisfied that the investigation will not be completed if no arrests are made.” Rejecting the ED’s remand request would paralyze and stall the investigation, which would ultimately defeat the object of the Prevention of Money Laundering Act, the judge said.
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(This story was not edited by News18 staff and was published by a syndicated news outlet)
