Seva Vikas Bank Loan Scam: CID Arrests Sheetal Tejwani, Probes ₹20-Crore Default Trail
The Maharashtra Criminal Investigation Department has arrested Sheetal Tejwani in connection with the multi-crore Seva Vikas Cooperative Bank loan fraud, deepening the probe into one of Maharashtra’s most serious cooperative banking scandals involving alleged misuse of loans, shell firms and diversion of funds.
Tejwani was formally taken into CID custody on January 3 from Yerwada Jail in Pune, where she was already lodged under judicial custody in a separate case related to the Mundhwa land scam.
That case pertains to a firm in which Ajit Pawar’s son, Parth Pawar,r is a partner. After taking custody, the CID team produced Tejwani before a special court in Pune, which remanded her to CID custody till Tuesday for further investigation.
Alleged Loan Defaults and Diversion of Funds
According to submissions made by the CID before the court, Tejwani allegedly defaulted on loans amounting to ₹20.49 crore, including accumulated interest, taken from Seva Vikas Cooperative Bank.
Investigators stated that while the total principal loan amount was around ₹7.25 crore, years of non-repayment caused the liability to balloon.
One of the key allegations is that Tejwani took a loan of ₹2 crore from the bank’s Budhwar Peth branch to purchase a new Land Rover SUV.
However, instead of using the funds for the stated purpose, she allegedly bought a second-hand Lamborghini, violating loan conditions.
The CID further alleged that Tejwani secured a business loan of ₹3 crore from the Pimpri branch in the name of her company, Paramount Infrastructure.
Instead of deploying the funds for business expansion, the money was allegedly transferred to the account of Rosary Global School, run by co-accused Vinay Arhana, who was arrested in the Seva Vikas Bank fraud case in March 2024.
Unregistered Firm and Questionable Transactions
Investigators also told the court that Tejwani took another loan of ₹2.25 crore in 2014 from the Pimpri main branch in the name of a firm called “Renuka Laws”, allegedly run by her along with co-accused Sagar Suryawanshi.
The CID claimed that this firm was not even registered with the Assistant Registrar of Firms in Pune.
Despite this, the loan was sanctioned, and the funds were allegedly transferred to Arhana’s account within the same bank. Suryawanshi, like Arhana, was arrested earlier in March 2024 as the probe widened.
Origins of the Seva Vikas Bank Scam
The case traces its origins back to 2019, when Dhanraj Aswani, a depositor, lodged an FIR at the Pimpri police station against the chairperson, directors and senior officials of Seva Vikas Cooperative Bank.
He alleged that the bank had been fraudulently sanctioning loans to select individuals and entities, putting depositors’ money at risk.
Headquartered in Pimpri, the bank has 25 branches and nearly one lakh depositors.
Following a spate of complaints and arrests between 2019 and 2020, the Reserve Bank of India stepped in and appointed an administrator in June 2021 to take over the bank’s operations.
The Maharashtra government subsequently appointed a forensic auditor to examine loan disbursements.
The audit report, submitted in 2020, flagged large-scale irregularities, prompting the Pimpri Chinchwad police to constitute a Special Investigation Team.
SIT Findings and Judicial Developments
The SIT probe uncovered serious irregularities in 124 loan accounts involving a total exposure of around ₹429 crore. Multiple FIRs were registered based on these findings.
Although the Bombay High Court quashed the FIR filed by Aswani in November 2021, the Supreme Court of India overturned that order in 2023 and directed that the investigation be continued, giving fresh momentum to the case.
Following the Supreme Court’s intervention, the CID arrested several borrowers, including Sagar Suryawanshi, Vinay Arhana and Manish Zende. Tejwani’s arrest is the latest in this expanding investigation.
ED Angle and Wider Criminal Links
Based on the SIT findings, the Enforcement Directorate initiated a parallel probe under the Prevention of Money Laundering Act. The ED has so far attached movable and immovable properties worth ₹122.35 crore linked to various accused in the case.
Vinay Arhana, one of the key accused, is also facing charges in an unrelated but high-profile case.
He was arrested by Pune city police for allegedly helping drug racketeer Lalit Patil escape police custody from Sassoon General Hospital in 2023, further underlining the complex criminal web surrounding the bank fraud.
Investigation Continues
CID officials told the court that Tejwani’s custodial interrogation is crucial to trace the flow of funds, identify beneficiaries and establish the role of bank officials in sanctioning allegedly fraudulent loans.
With multiple agencies involved and hundreds of crores under scrutiny, the Seva Vikas Bank scam continues to unravel as one of Maharashtra’s most consequential cooperative banking frauds.
#SevaVikasBankScam #MaharashtraCID #PuneNews #BankFraud #CooperativeBanking #MoneyLaundering #EDInvestigation #FinancialCrime
