ED Conducts Searches in SBI Pune Vehicle Loan Fraud Case.

Headnote:

The Enforcement Directorate (ED) conducted search operations at 12 residential and commercial premises in Pune in connection with a vehicle loan fraud involving the State Bank of India (SBI), University Road Branch. The investigation concerns fraudulent high-value car loans sanctioned using forged documents, in criminal conspiracy with the then SBI Chief Manager and an Auto Loan Counsellor. The searches resulted in the identification of immovable properties, incriminating documents, and seizure of several luxury vehicles under Section 17 of the PMLA. Investigation is ongoing.

Background:

• The ED initiated the money laundering investigation based on FIRs registered by the CBI ACB, Pune and Shivajinagar Police Station, Pune, under provisions of the IPC, 1860 and the Prevention of Corruption Act, 1988.

• The FIRs allege that Amar Kulkarni, Chief Manager at SBI University Road Branch (2017–2019), abused his official position and conspired with Aditya Sethia, Auto Loan Counsellor at SBI, and certain borrowers.

• The conspiracy involved processing and recommending fraudulent high-value car loans using forged income documents, bogus quotations, and inflated valuations.

• Borrowers availed luxury vehicles using fake documents, while the public servant knowingly approved and recommended the loans in violation of SBI’s lending policies.

ED’s Findings:

• Borrowers fraudulently obtained high-value auto loans by submitting forged income proofs, fabricated quotations, and inflated margin money amounts.

• The public servant dishonestly processed and recommended these loan proposals without proper verification.

• Fake and inflated quotations were frequently used to obtain higher loan amounts than justified.

• ED’s search operations revealed that borrowers purchased high-end luxury cars such as BMW, Volvo, Mercedes, Land Rover, using the fraudulent loans.

• Searches resulted in the identification of immovable properties, recovery of incriminating documents, and seizure of luxury cars under Section 17 of PMLA.

Legal Provisions Discussed:

• Section 17, Prevention of Money Laundering Act, 2002 – Search and seizure powers of ED.

• Indian Penal Code, 1860 – Cheating, forgery, criminal conspiracy (as per underlying FIRs).

• Prevention of Corruption Act, 1988 – Offences by public servants.

Citation: ED Press Release, 28 November 2025

Case: Directorate of Enforcement – SBI Pune Vehicle Loan Fraud Investigation

Authority: Directorate of Enforcement, Mumbai Zonal Office

Search Date: 25–26 November 2025

Statute Invoked: Prevention of Money Laundering Act, 2002

Related FIRs: CBI ACB Pune & Shivajinagar Police Station, Pune