Mumbai, 01 Oct (HS): The Mumbai unit of the

Enforcement Directorate (ED) carried out searches at nine different locations

in related to the closed Babaji Date Mahila Sahakari Bank Limited in Yavatmal district.

The action is being taken under the Prevention of Money Laundering Act (PMLA).

It was revealed that the cooperative bank had committed a fraud of Rs 242

crore. The ED investigation has revealed a huge nexus between the bank officials

and the borrowers.

ED teams reached nine different locations in

Yavatmal district and started their investigation based on multiple FIRs filed

at the Avdhutwadi police station in Yavatmal. The FIR was lodged against

officials, employees and borrowers of the bank.

The Reserve Bank of India (RBI) cancelled the bank's

licence in 2022 and a special audit team appointed following several complaints

of fraud and misappropriation of depositors' money.

Taking cognizance of these complaints, the state

government ordered a special audit of the bank, which brought the fraud to the

fore,

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Hindusthan Samachar / Ajay Vasant Mardikar