ED Raids Seven Locations in Jharkhand, Odisha Over Co-op Bank Fraud

The Enforcement Directorate (ED) on Friday carried out search operations at seven locations in Jharkhand and Odisha as part of its money-laundering investigation into an alleged financial fraud involving the Jharkhand State Co-operative Bank (JSCB).

The searches were conducted under Section 17 of the Prevention of Money Laundering Act (PMLA) and focused on premises linked to individuals suspected of being connected with the alleged fraud at the bank’s Saraikela branch.
According to officials, the operation began early Friday and was conducted in coordination with the state police and security personnel. Investigators are looking for documents and other evidence that could help establish the flow of funds and identify assets allegedly linked to the suspected proceeds of crime.
The case reportedly centres on businessman Sanjay Kumar Dalmia, who is suspected of carrying out the alleged fraud in connivance with certain JSCB officials.
The ED’s Ranchi zonal unit has been probing the case under the PMLA. Further information regarding the individuals whose premises were searched and the material seized during the operation is awaited.