Enforcement Directorate (ED) is understood to have decided to investigate bank fraud worth around 38 crore in Jharkhand State Cooperative Bank Limited as sources confided that the ED has sought copy of the FIR and other related documents from CID to lodge a fresh case under provisions of Prevention of Money Laundering Act (PMLA).
Jharkhand Police had lodged two separate FIRs in 2019 after discovering that the then manager of Saraikela-Kharsawan branch of Jharkhand State Cooperative Bank Limited; Sunil Kumar Sathpathi in connivance with some private persons and bank officials had sanctioned loan worth around 38 crore during 2011 and 2016.
Later on the loan amount turned NPA incurring heavy loss to the bank which still doesn’t have robust financial condition to afford such loss.
Sanjay Dalmia a resident of Saraikela was identified one of the alleged beneficiaries of the scam. Preliminary investigation suggested that loan was granted without proper verification and procedures were not followed. Besides, no effort was taken for the loan recovery.
Last month, the case was transferred to CID for investigation which arrested Satpathi. CID so far has discovered fraud of over Rs one crore and the investigation is going on.
Sources in the premier investigative agency said that documents provided by CID are being scrutinized and a fresh case is likely to be instituted within a fortnight.
As per the provisions of PMLA; ED can take-up investigation of any scheduled offense. While CID will investigate criminal conspiracy whereas ED will investigate money laundering aspect.
The series of scam in the cooperative bank was exposed last year when cooperative department set-up a committee to investigate financial anomalies in several branches of the bank. The then state registrar of the department Suchetra Sinha who was part of the committee submitted 250 pages report. The report exposed number of financial irregularities and recommended FIR and departmental actions against several officials of the bank.