New Delhi: The investigation into the alleged large-scale financial scam in Jharkhand State Co-operative Bank (JSCB) has now reached such a stage where the investigating agencies are busy connecting the links of the entire game one by one. The team of Enforcement Directorate (ED), Ranchi, on Friday began search and seizure operations at a total of seven locations in Jharkhand and Odisha under Section 17 of the Prevention of Money Laundering Act (PMLA).
This action of ED is part of the ongoing investigation related to the alleged big financial fraud in Seraikela branch of JSCB. According to the investigating agency, businessman Sanjay Kumar Dalmia, in alleged collusion with the then officials of the bank, created a whole game that caused massive financial loss to the bank.
The game started from the bank, collusion expanded the scope
At the center of the investigation is the allegation that the banking system was misused through alleged nexus between the businessman and the then officials of the bank. The case, which initially appeared to be related to financial irregularities in one branch of the bank, is being linked to many people and places as the investigation progresses.
ED is now investigating the links of money transactions, the process of alleged fraud, the role of bank officials and the beneficiaries associated with this entire matter. On the basis of documents and other evidence unearthed during the search, the investigating agency is also investigating the source of the alleged money and its use.
Investigation network from Jharkhand to Odisha
The seriousness of the matter can be gauged from the fact that ED has simultaneously taken seven places in Jharkhand and Odisha under its ambit of action. The focus of the investigating agency is on assets, documents and records related to financial transactions that may be related to the alleged bank scam.
After the action of ED, there is a possibility of more important revelations in this case in the coming days. However, the complete picture of what was recovered during the search and seizure operations and the actual flow of money in the alleged scam will become clear only after the investigation is completed.
At present, ED's action has opened a new chapter in the file of Jharkhand State Co-operative Bank scam. Now the investigation is eyeing the entire network through which crores of rupees were allegedly played with the bank.