Supreme Court Grants Interim Bail on Medical Grounds in Rs 429 Crore Bank Fraud Case

The Supreme Court has granted interim bail to Amar Sadhuram Mulchandani, former chairman of Seva Vikas Cooperative Bank, due to his medical condition. Mulchandani faces a money laundering investigation related to alleged fraud causing a loss of Rs 429 crore to the bank, impacting thousands of depositors.

The Supreme Court on Monday granted interim bail to Amar Sadhuram Mulchandani, the ex-chairman of Pune's Seva Vikas Cooperative Bank, citing medical reasons. He has been in jail for over a year due to fraud allegations.

The case involves misappropriation of Rs 429 crore, with Mulchandani accused of running the bank like a family business. Prudent banking norms were allegedly ignored in favor of loans with kickbacks, leading to the bank's ruin and the RBI canceling its license.

Mulchandani was previously detained by Maharashtra Police for allegedly hindering an ED raid, and assets worth Rs 122.35 crore, including 'benami' properties, were linked to him by the authorities.

(With inputs from agencies.)