Loan fraud: ED arrests man who 'defrauded' Pune co-op bank of over Rs 60 crore
The accused, Sagar Maruti Suryawanshi, was taken into custody on June 15 under the criminal sections of the Prevention of Money Laundering Act (PMLA) in the Pune-based Seva Vikas Co-operative Bank fraud case probe.
According to the agency, more than 92 per cent of the loan accounts had turned into NPAs, which ultimately led to the collapse of the bank and the RBI later cancelling its license.