Bombay HC Cites Delay, Frees Rosary Group’s Partner
HC Grants Bail to Pune Education Group’s Partner in ₹46.5 Crore ED Case
Unmesh Gujarathi
Sprouts News Exclusive
Two years after his arrest, Pune-based Rosary Education Group’s partner, Vinay Aranha, walked out of Taloja Central Prison on Monday following the Bombay High Court’s decision to grant him bail on March 12. Aranha was being investigated by the Enforcement Directorate (ED) in an alleged ₹46.5 crore money laundering case, reports Sprouts News.
In his order, Justice N J Jamdar emphasized that the Supreme Court has firmly established that the prolonged detention of an undertrial prisoner, without any real prospect of a trial commencing or concluding in the foreseeable future, violates the fundamental rights under Article 21 of the Constitution of India. The court reaffirmed that “bail is the rule and refusal is the exception,” a principle that extends even to cases under the Prevention of Money Laundering Act (PMLA).
Also Read: Gold, Lies and Dubai: The Shocking Actor Ranya Rao Scandal.
Aranha secured his release by furnishing a personal bond of ₹1 lakh with a surety of the same amount. However, he has been restricted from leaving the jurisdiction of the PMLA court in Greater Mumbai without prior permission. His lawyer has since applied to modify this bail condition, seeking permission for Aranha to reside in Pune.
The ED had arrested Aranha on March 10, 2023, on charges of money laundering, alleging that he had defaulted on a ₹46.5 crore loan obtained from Cosmos Co-operative Bank. The investigation revealed that Aranha had reportedly secured the loan in the name of the Rosary Group while submitting forged documents to falsely classify agricultural land as non-agricultural.
Aranha’s legal team contested the allegations, arguing that the ED had failed to provide a written explanation for his arrest, as required under Section 19 of the PMLA. They maintained that no concrete case of money laundering had been established against him. Despite opposition from ED counsel H S Venegaonkar, who insisted that Aranha had intentionally defrauded the bank, the high court found grounds to grant him bail, citing the excessive delay in the trial process.