A special court in Mumbai has placed Bharatiya Janata Party (BJP) leader Amar Mulchandani, the former chairman of Seva Vikas Cooperative Bank, in Enforcement Directorate (ED) custody until July 7. Mulchandani, who was earlier associated with the Congress and joined the BJP in 2016, was arrested on July 1 under the Prevention of Money Laundering Act. The ED’s arrest is related to a bank fraud case in which the bank incurred a loss of ₹429 crore through 124 non-performing assets loans. ED released a statement saying, ‘This caused the bank to go bankrupt, causing a loss to thousands of small depositors.’ The ED’s investigation is based on multiple First Information Reports registered in Pune against Mulchandani, the bank’s directors, officials, and loan defaulters.