The Enforcement Department ( ED ) conducted raid on the premises of RJD MLA and former Bihar Minister Alok Kumar Mehta in relation with Bihar cooperative bank fraud case under Prevention of Money Laundering Act (PMLA), 2002. Mehta was also a promoter of the Vaishali Shahri Vikas (VSV) cooperative bank.
According to official sources, the Enforcement Directorate searched properties belonging to an RJD MLA in several states, including Bihar, on Friday as part of a money laundering inquiry connected to a suspected misappropriation of funds at a state cooperative bank.They stated they are searching about 18 locations in Delhi, Uttar Pradesh, West Bengal (Kolkata), and Bihar.
According to the reports, these include properties connected to Alok Kumar Mehta (58), a former Bihar minister and RJD MLA who is the promoter of the Vaishali Shahri Vikas (VSV) Cooperative Bank in Bihar, in addition to a few other related organizations.
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Alleged anomalies in bank transactions and potential money laundering are at the center of the investigation. It is alleged that state monies intended for loans and subsidies in the cooperative banking industry have been misappropriated. According to the state police, the money laundering inquiry is a result of FIRs that were filed against the bank and its officials for allegedly embezzling approximately Rs 85 crore.
As the funds intended for the development of the cooperative sector have been allegedly diverted, leads to financial strain on genuine beneficiaries.The ultimate objective of the ED’s investigation under the PMLA is to identify and punish individuals responsible for laundering the money obtained from the alleged scam.
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