The Maharashtra Criminal Investigation Department (CID) has made a significant arrest in the multi-crore Seva Vikas Cooperative Bank fraud case, taking into custody Sheetal Tejwani. This development adds a new chapter to a sprawling financial scandal that has already seen several arrests and involves alleged loan defaults amounting to crores of rupees.
From Land Scam to Bank Fraud: Tejwani's Legal Troubles
The CID arrested Tejwani on January 3 from the Yerwada jail in Pune, where she was already under judicial custody. Her prior incarceration was related to the high-profile Mundhwa land scam, a case connected to a firm where Deputy Chief Minister Ajit Pawar's son, Parth Pawar, is a partner. Following her arrest in the bank fraud case, a CID team led by Police Inspector S N Lahane produced her before a special court in Pune.
The agency presented startling allegations before the court. They stated that Tejwani has allegedly defaulted on loans from Seva Vikas Bank totalling approximately Rs 20.49 crores. This massive sum includes the principal amounts and accrued interest over time.
Allegations of Luxury Car Swindle and Fund Diversion
The CID's submissions painted a picture of blatant misuse of loan funds. In one specific instance, the agency alleged that Tejwani secured a loan of Rs 2 crores from the Seva Vikas Bank's Budhwar Peth branch. The stated purpose was to purchase a new Land Rover SUV. However, investigators claim she instead bought a used Lamborghini with the funds.
In another transaction, Tejwani allegedly took a business loan of Rs 3 crores in the name of her company, Paramount Infrastructure, from the bank's Pimpri branch. Instead of using this capital for business expansion, the CID told the court she transferred the money into the bank account of the Rosary Global School. This institution is run by Vinay Arhana, a co-accused who was arrested by the CID in the same bank fraud case in March 2024.
A third loan of Rs 2.25 crores was allegedly taken in 2014 from the Pimpri main branch in the name of a firm called "Renuka Lawns." This entity was operated by Tejwani and another co-accused, Sagar Suryawanshi (also arrested in March 2024). The CID informed the court that this loan amount was also transferred into Vinay Arhana's account. Investigators further revealed that "Renuka Lawns" was not registered with the Assistant Registrar of Firms in Pune.
While the total principal loan amount taken by Tejwani stands at Rs 7.25 crores, the default amount, after years of accumulating interest, has ballooned to the cited Rs 20.49 crores. The court has sent Tejwani to CID custody for further investigation into these alleged frauds.
The Unfolding Scandal of Seva Vikas Bank
The case against Seva Vikas Bank has been building for years. It began with an FIR lodged in 2019 by Dhanraj Aswani (58) at the Pimpri police station. He accused the bank's chairperson, directors, and other officials of fraudulently sanctioning loans. The bank, headquartered in Pimpri with 25 branches and about one lakh depositors, soon came under intense scrutiny.
Following multiple cases filed by depositors in 2019 and 2020 and the arrest of four office bearers, the Reserve Bank of India (RBI) appointed an administrator in June 2021. The Maharashtra government also appointed an auditor to probe alleged irregularities in loan disbursals to specific entities.
The auditor's report in 2020 led the Pimpri Chinchwad police to form a Special Investigation Team (SIT). The SIT probe uncovered serious irregularities in 124 loans totalling around Rs 429 crores, leading to multiple FIRs. Although the Bombay High Court quashed Aswani's FIR in November 2021, the Supreme Court set aside this order in 2023 and mandated further investigation, paving the way for the CID's current actions.
Meanwhile, based on the SIT's findings, the Enforcement Directorate (ED) launched a money laundering investigation under the Prevention of Money Laundering Act (PMLA). The ED has seized movable and immovable properties worth Rs 122.35 crore linked to various accused in the case.
In a separate but notable development, co-accused Vinay Arhana was also arrested by Pune city police for allegedly aiding drug racketeer Lalit Patil's escape from police custody at Sassoon General Hospital in 2023. The CID's arrest of Sheetal Tejwani marks the latest step in untangling this complex web of alleged financial malfeasance that has shaken the cooperative banking sector in the region.
