States » WestPosted at: Oct 1 2026 3:15PM


ED searches nine Yavatmal locations in Rs 242 cr Co-op Bank fraud case

Mumbai, Sep 30 (UNI) The Enforcement Directorate (ED), Mumbai Zone, on Wednesday conducted searches at nine locations in Yavatmal district in connection with an alleged Rs 242 crore fraud at Babaji Date Mahila Sahakari Bank.
The searches were carried out under the provisions of the Prevention of Money Laundering Act (PMLA), the agency said.
The case follows multiple FIRs registered at Avdhutwadi Police Station, Yavatmal, against bank officials, employees and borrowers over alleged irregularities in loan disbursement.
A special audit ordered by the Maharashtra government had flagged alleged irregularities in loans sanctioned by the then CEO, chairperson/chairman, directors and other officials of the bank.
According to the ED, bank officials allegedly colluded with borrowers, valuers and auditors to sanction loans without adequate security and without properly assessing the borrowers’ repayment capacity.
The agency alleged that the loans were sanctioned in violation of the bank’s norms, loan policy and RBI guidelines.
The investigation also found, according to the ED, that loan funds were allegedly diverted for personal use, while substantial cash withdrawals were made and funds were used for evergreening of loans.
The agency further alleged that part of the proceeds was routed to accounts of bank officials as commissions or kickbacks.
The Reserve Bank of India had cancelled the bank’s licence in 2022.
The ED said examination of documents and records recovered during the searches was in progress and further investigation was underway.
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