The Enforcement Directorate (ED) has arrested four individuals, including Rambabu Shandilya, a NAFCUB Director and former officiating President, in connection with a money laundering case involving the Vaishali Shahri Vikas Cooperative Bank, based in Bihar and promoted by RJD MLA Alok Kumar Mehta.
The cooperative bank is accused of siphoning off approximately Rs 85 crore. Earlier, the ED conducted extensive searches at properties linked to Mehta, a sitting MLA from Ujiarpur and former state minister for revenue and land reforms, as well as at other related establishments.
Among those arrested are Vipin Tiwari, the bank’s former CEO; his father-in-law, Rambabu Shandilya; and two others, Nitin Mehra and Sandeep Singh.
Shandilya, a Jharkhand-based prominent cooperator, has served multiple terms on the board of the apex body of urban cooperative banks (UCBs). However, his specific role in the alleged scam remains under investigation.
