The Enforcement Directorate (ED) has reportedly conducted searches at seven locations across Jharkhand and Odisha as part of a money laundering investigation linked to alleged financial irregularities at a cooperative bank.
According to media reports, the searches were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA) and relate to alleged irregularities at the bank’s Seraikela branch.
The reports state that the agency is examining allegations of a large-scale financial fraud involving a businessman and alleged connivance of then bank officials. Investigators are reportedly scrutinising transactions, handling of funds and possible violations of banking procedures.
During the searches, ED teams reportedly examined financial documents, banking records and digital material to trace the movement of funds allegedly connected with the suspected irregularities.
The agency has not publicly disclosed detailed findings or the complete list of persons and entities covered by the searches.
The investigation is ongoing, and the allegations have not resulted in any final finding. Further action, if warranted, will depend on the evidence gathered during the investigation.
