Bihar cooperative bank probe: ED arrests 4 in case involving RJD MLA
The Hindu
Enforcement Directorate arrests four in Bihar cooperative bank fraud linked to RJD MLA, sparking political controversy.
The Enforcement Directorate has arrested four people, including a former CEO, as part of a money laundering investigation linked to alleged embezzlement of funds at a Bihar cooperative bank promoted by an RJD MLA, official sources said on Sunday (January 12, 2025).
The federal agency launched raids against RJD MLA from Ujiarpur Alok Kumar Mehta (58) and some others allegedly linked to him in Bihar on January 10 as part of the probe into alleged bungling of funds in the Vaishali Shahri Vikas (VSV) Co-operative Bank.
Those arrested are former bank CEO Vipin Tiwari, his father-in-law Ram Babu Shandilya, Nitin Mehra and Sandeep Singh.
The accused were produced before a PMLA court here and remanded to judicial custody, the sources said.
They said Mr. Mehta, former state revenue and land reforms minister, is among the promoters of the bank, apart from some other linked entities.
The money laundering investigation stems from some state police FIRs filed against the bank and its office-bearers for alleged embezzlement of funds worth about ₹85 crore.
According to an ED official, the alleged fraud was committed through an estimated 400 loan accounts and disbursal of funds was done based on "fake or forged" warehouse receipts.
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