Ranchi, March 20: The Enforcement Directorate (ED) has made a significant move in a banking fraud and money laundering case involving the State Bank of India (SBI). The agency has temporarily seized assets worth ₹97.92 lakhs registered under the name of former branch manager Manoj Kumar and his family.
The seized properties include a residential house located in Sahibganj, Jharkhand, and an apartment in Patna, the capital of Bihar. This action was taken under the provisions of the Prevention of Money Laundering Act, 2002.
The investigation by the ED was initiated based on various First Information Reports (FIRs) and charge sheets filed by the CBI, ACB Dhanbad, and Shikarpada police station. Shocking revelations emerged during the probe, indicating that Manoj Kumar had misused his position while stationed at SBI branches in Sahibganj, Barhet Bazar, Phoolbanga, and Shikarpada to execute a large financial scam.
The accused manager’s modus operandi involved conducting unauthorized debit transactions from the accounts of deceased or inactive pensioners and illiterate farmer credit card holders. According to the investigating agency, the diverted funds were funneled through a network of intermediaries, NGOs, and shell entities to obscure the money trail.
So far, the ED has estimated the total proceeds of crime from this entire scam to be around ₹5.40 crores. The investigation is ongoing, and further actions against other white-collar individuals connected to this syndicate are expected in the coming days.
Leave a Comment