3 hrs ago
ED Raids Nine Yavatmal Sites in ₹242 Crore Bank Fraud
The Enforcement Directorate searched nine places in Yavatmal.
The searches are linked to a cooperative bank investigation.
Officials are examining alleged fraud involving the bank and some borrowers.
A special audit said loans were given without enough security or repayment checks.
Investigators allege that some loan money was diverted or withdrawn as cash.
They also allege that money was used for personal purposes and possible kickbacks.
The reported fraud is worth ₹242 crore.
The investigation is still continuing.
The Enforcement Directorate searched nine locations in Maharashtra’s Yavatmal district under the Prevention of Money Laundering Act.
The investigation follows multiple FIRs against Babaji Date Mahila Sahakari Bank officials, employees and borrowers.
A state-ordered special audit alleged improper loans, diverted funds and collusion involving bank officials, borrowers, valuers and auditors.
The alleged fraud amounted to ₹242 crore, according to the investigation described by the Enforcement Directorate.
The bank’s license was cancelled by the Reserve Bank of India in 2022, while the investigation remains ongoing.
- Who
- The Enforcement Directorate is investigating officials and employees of Babaji Date Mahila Sahakari Bank, along with borrowers and other alleged participants.
- What
- Searches were conducted in a ₹242 crore alleged bank fraud and money-laundering case.
- Where
- Nine locations in Yavatmal district, Maharashtra.
- When
- The searches were reported after the bank’s license was cancelled in 2022; the exact search date is not stated.
- Why
- The investigation concerns alleged improper loan disbursements, diversion of funds, cash withdrawals, loan evergreening and possible kickbacks.
Key facts
- Investigating agency
- Enforcement Directorate, Mumbai Zone
- Search locations
- Nine locations in Yavatmal district, Maharashtra
- Alleged fraud amount
- ₹242 crore
- Legal basis
- Prevention of Money Laundering Act
- Bank involved
- Babaji Date Mahila Sahakari Bank Ltd, Yavatmal
- License status
- The Reserve Bank of India cancelled the bank’s license in 2022
- Investigation status
- Further investigation is under progress
Sources
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