Vice-President Sent to ED Custody in Rs 975 Crore Fraud Case

A special court in Mumbai has remanded Priyavrat Mandhana to Enforcement Directorate (ED) custody till August 2. Mandhana, a former vice-president of a now insolvent company, is implicated in a Rs 975 crore bank loan fraud. The case is linked with his alleged involvement in money laundering activities.

A special court on Tuesday ordered Priyavrat Mandhana, a former vice-president of a now-defunct Mumbai-based company, to be held in Enforcement Directorate (ED) custody until August 2 in connection with a massive Rs 975 crore bank loan fraud case.

Mandhana, son of former Chairman and Managing Director Purushottam Mandhana, was arrested on Monday night by the ED. He has been accused under the stringent Prevention of Money Laundering Act (PMLA) for his alleged complicity in the fraud. The ED presented the accused to special PMLA court judge A C Daga.

The federal agency sought a 14-day custody to uncover the methods Mandhana and his associates used to perpetrate the alleged fraud, as well as to trace and recover the proceeds of the crime. The case originates from a CBI FIR against Mandhana Industries and its leadership, based on a complaint by the Bank of Baroda of defrauding a consortium of banks of over Rs 975 crore. Mandhana's advocate argued the arrest was illegal, asserting his client's rights were violated.

(With inputs from agencies.)