New Delhi, Jan 30 : The Enforcement Directorate (ED) on Monday said that it recently conducted search operations at ten places in Pune and Pimpri-Chinchwad in a case related to the fraud in the Seva Vikas Co-operative Bank. The ED seized gold and diamond jewellery worth Rs 2.72 crore, Rs 41 lakh in cash, 4 high end cars, digital devices and various incriminating documents in the raid. According to information, the searches were conducted at the residences and offices of Amar Mulchandani, ex-chairman of Seva Vikas Co-operative Bank, addresses linked to Vinay Aranha of Rosary School Pune and Sagar Suryawanshi who have benefitted from this scam. The ED initiated a PMLA investigation based on a FIR registered at Vimantal police station, Pune, against Vinay Aranha of Rosary Education Group and others for a loan fraud. The joint registrar (audit) did an audit of the entire Seva Vikas Coop Bank and found fraud and misappropriation of Rs 429.6 crore spread across 126 NPA loan accounts. "Board of Directors led by Amar Mulchandani had violated all banking norms and deliberately sanctioned loans to shell entities to siphon off the funds. Based on this audit report, additional multiple FIRs were registered against the loan beneficiaries and bank management including its ex-chairman Amar Mulchandani. The RBI had also cancelled the license of the bank," said the official. The ED started searches at 10 locations on January 27. At the residence of Amar Mulchandani, the ED team accompanied by bank panchas and the CRPF faced resistance. The ED team was given to understand that Amar Mulchandani was not there, and the remaining five family members of Amar lied & tried to mislead the search team. All the family members as part of a well planned conspiracy had obstructed the lawful search of the ED and this time was used by Amar Mulchandani to erase his phones to destroy evidence. "It was subsequently found that Amar Mulchandani was hiding in a room locked from inside at the same premises. As a result, on the complaint of ED, the local police booked all the 6 residents under various sections of the IPC and all of them (namely Amar Mulchandani, Ashok Mulchandani, Manohar Mulchandani, Smt Daya Mulchandani, Smt Sadhna Mulchandani and Sagar Mulchandani) were arrested by the police at the conclusion of the search proceedings of ED. They have been sent to jail," the official said. Further investigation in the matter is on. /IANS