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Allegedly, Mulchandani took bribes at the rate of 20% commission of the sanctioned loan amount
The Supreme Court today has granted interim bail to 67-year old Amar Sadhuram Mulchandani, the former Chairman of Seva Vikas Co-operative Bank who was arrested by the Enforcement Directorate last year in July.
A bench of CJI Chandrachud, Justice Pardiwala and Justice Manoj Misra noted that sick or infirm can be granted bail despite the stringent provisions of Prevention of Money Laundering Act.
Mulchandani's condition was recently evaluated by the JJ Hospital, Mumbai on a direction being issued by the Supreme Court Of India seeking a fresh medical assessment.
After going through the report submitted by the JJ Hospital, the bench noted that Mulchandani's medical condition was deteriorating.
Senior Advocate Mukul Rohatgi, appearing for Mulchandani, informed the bench of the deterioration in his client's condition.
On July 1 last year, Mulchandani was arrested in the fraud case in which the bank suffered a loss of Rs 429 crore in 124 NPA loan accounts which caused the Bank to go bankrupt causing loss to thousands of small depositors.
Investigation revealed that the bank was being run like a family proprietorship by Amar Mulchandani and he treated public deposits in the bank like his personal fiefdom.
ED had earlier attached properties worth Rs 122.35 crore provisionally in this case including various benami assets of Mulchandani.
Case Title: AMAR SADHURAM MULCHANDANI vs. DIRECTORATE OF ENFORCEMENT AND ANR.
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