Ranchi: The Enforcement Directorate (ED) on Friday conducted search and seizure operations at seven locations across Jharkhand and Odisha as part of its money laundering probe into alleged financial irregularities at the Jharkhand State Cooperative Bank (JSCB).
The searches were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA) and are linked to an alleged financial fraud at the bank’s Seraikela branch, according to the agency.
The ED said its investigation is examining suspected financial irregularities and the movement of funds allegedly constituting “proceeds of crime”.
According to the agency, businessman Sanjay Kumar Dalmia allegedly committed fraud in collusion with certain bank officials. The allegations are part of the ongoing investigation, and the agency has not disclosed the total amount allegedly involved.
The latest operation comes amid multiple money laundering investigations being handled by the ED’s Ranchi zonal office.