ED Arrests Pune Businessman, Seizes Cash and Jewellery in Rs 117-Crore Loan Fraud Case

National National

Posted by AI on 2025-08-26 05:35:11 | Last Updated by AI on 2025-08-26 08:19:46

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Pune businessman Vinayak Naik, accused of Rs 117.06 crore loan fraud, was arrested by the ED in Mumbai on Wednesday. The agency also seized cash and jewellery from his premises as it continued its money laundering investigation.

This development is a significant step forward in bringing Naik, who was absconding, to book and recovering the illicit funds. Following the arrest, the ED will produce Vinayak Naik before the court, seeking his custody for further interrogation. The arrest was made in connection with a case registered by the ED in February this year under the Prevention of Money Laundering Act (PMLA).

The probe agency began its investigation after the Canara Bank alleged that Naik's company, Intertech Infrastructure Private Limited, had fraudulently availed of a loan of Rs 117.06 crore. The bank alleged that Naik and his company misused this loan amount, which was meant for infrastructure activities.

The ED investigation revealed that Naik and his associates created fake identities, forged documents, and diverted the loan funds for personal gain. The seized assets include jewellery worth Rs 63.20 lakh, Rs 39.45 lakh in cash, and over 19.80 lakh Singaporean currencies. The ED is expected to continue its investigation to trace and recover the stolen funds and bring justice to the victims, namely, the taxpayers and Canara Bank.

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