ED raids 7 locations in Jharkhand, Odisha in JSCB scam probe

The Enforcement Directorate (ED) raided seven locations in Jharkhand and Odisha over an alleged large-scale fraud at the Jharkhand State Co-operative Bank (JSCB). The probe targets businessman Sanjay Kumar Dalmia and former bank officials.

The Enforcement Directorate (ED) on Friday conducted search and seizure operations at seven locations across Jharkhand and Odisha as part of its ongoing probe into an alleged scam involving officials of the Jharkhand State Co-operative Bank (JSCB), officials said.

Probe Into Seraikela Branch Fraud

The searches were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA) in connection with an alleged large-scale fraud at the JSCB's Seraikela branch in Jharkhand.

Businessman Sanjay Dalmia Under Scanner

The raids have been underway since early Friday based on certain inputs covering the premises of suspects in the case in close coordination with state police and security forces. Officials said the case relates to the alleged fraud perpetrated upon the bank by businessman Sanjay Kumar Dalmia in connivance with then officials of the JSCB.

Investigation Aims to Gather Evidence

The ED action is part of its ongoing investigation into the alleged financial irregularities and the role of those involved in the suspected fraud. "The searches are aimed at gathering documentary and other material evidence relevant to the money laundering investigation," officials, privy to the raids, said.

ED's Ranchi zone unit has been investigating the alleged JSCB fraud under the provisions of the PMLA, which empowers the agency to conduct searches and seize property or records connected with proceeds of crime, subject to the provisions of the law.

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