ED has registered an FIR against seven functionaries of Jharkhand State Cooperative Bank in a loan fraud under the Prevention of Money Laundering Act, reports Pioneer.
The accused had given a loan of Rs 30 crore to a Kolhan based businessman in violation of the prescribed norms.
Saraikela-Kharsawan branch of the bank had granted the loan.
The whole loan amount turned into NPA. further adding to the financial difficulties of the bank.