Ranchi, Sept 18: The Enforcement Directorate (ED) on Friday carried out searches at seven locations in Jharkhand and Odisha as part of a money laundering investigation linked to an alleged fraud involving the Jharkhand State Co-operative Bank (JSCB), officials said.
The searches were conducted under provisions of the Prevention of Money Laundering Act (PMLA), according to sources familiar with the investigation.The case centres on allegations of large-scale financial fraud involving businessman Sanjay Kumar Dalmia and certain officials of the co-operative bank who were posted at the time of the alleged transactions.
Investigators are examining the financial dealings and other records associated with the case to determine the flow of funds and whether the alleged proceeds of crime were handled in violation of the PMLA.
The searches covered premises in both Jharkhand and neighbouring Odisha. Officials are expected to examine documents and other material gathered during the operation as the investigation progresses.
The ED has not, in the information available, disclosed details of any seizures or arrests made during the searches.The allegations remain subject to investigation, and the searches themselves do not establish guilt. Further action will depend on the findings of the probe.
