ED Conducts Raids in Jharkhand and Odisha Over Cooperative Bank Scam

Ranchi, September 18 (Daily Kiran) : The Enforcement Directorate (ED) has initiated a series of raids in Jharkhand and Odisha as part of an investigation into a multi-crore scam involving the Jharkhand State Cooperative Bank. The operation, which began early on Friday, targeted seven locations, including the SaraiKela branch of the bank.

Teams from the ED are conducting searches and seizures under Section 17 of the Prevention of Money Laundering Act (PMLA). These locations are reportedly connected to businessman Sanjay Kumar Dalmia and several former bank officials. Accompanied by central security forces, the ED teams arrived at the sites to scrutinize documents, banking records, and transaction-related papers.

During the searches, investigators are also examining digital devices and other electronic records. The police have been investigating the alleged fraudulent transfer of funds and settlement of loan accounts from the SaraiKela branch for some time. Allegations suggest that Dalmia colluded with former bank officials and staff to transfer large sums into accounts linked to himself, his brother, and an employee.

According to investigation records, approximately ₹4.14 crore was allegedly withdrawn fraudulently between June 3 and June 6, 2017. Part of this amount is said to have been used to close one of Dalmia’s old loan accounts. A First Information Report (FIR) was filed on August 22, 2019, at the SaraiKela police station, alleging a scam of around ₹38 crore. The FIR names Dalmia along with former bank officials and employees as accused.

Among those named are former branch manager Sunil Kumar Satpathy, assistant Madan Lal Prajapati, former manager Virendra Kumar, and several others, including the former MD Manjohanath Shahdev and CEO Brijeshwar Nath. Following police investigations and subsequent legal actions, some accused individuals have already faced consequences. The ED has now registered an Enforcement Case Information Report (ECIR) under the PMLA to investigate the proceeds of the alleged crime and their usage.