States » WestPosted at: Oct 1 2026 7:28PM


Maha: ED raids nine locations in Rs 242-cr Yavatmal cooperative bank scam probe

Yavatmal, Oct 1 (UNI) The Enforcement Directorate (ED) on Thursday conducted simultaneous searches at nine locations in Maharashtra's Yavatmal district in connection with an alleged Rs 242-crore financial irregularity at the Babaji Date Mahila Cooperative Bank and a subsequent money laundering probe, officials said.
The case is based on multiple FIRs registered by the Avdhutwadi Police Station in Yavatmal against officials and employees of Babaji Date Mahila Sahakari Bank and its borrowers.
The ED's Mumbai unit launched the raids after registering a case under the Prevention of Money Laundering Act (PMLA).
According to reports, the searches were carried out at premises linked to former bank officials, employees and borrowers.
Around nine locations were covered during the operation.
The agency is examining the bank's loan disbursement process, the alleged diversion of loan funds and the subsequent trail of financial transactions.
Officials suspect that loans were sanctioned in violation of banking norms and that portions of the funds were diverted for purposes other than those for which they were approved.
A special audit ordered by the state government had earlier uncovered alleged irregularities in loan sanctioning and recovery.
The audit reportedly pointed to collusion among the bank's former chief executive officer, office-bearers, directors, valuers and auditors in approving loans without adequate safeguards.
The alleged irregularities were estimated at around Rs 242 crore.
Investigators are also tracing the ultimate beneficiaries and the end use of the funds.
The Reserve Bank of India had cancelled the licence of the Yavatmal-based cooperative bank in November 2022, citing its deteriorating financial position, following which liquidation proceedings were initiated.
The ED has not yet disclosed details of any documents or material seized during Thursday's searches. However, the action is expected to intensify the probe into the alleged financial misconduct and money trail linked to the cooperative bank.
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Tags: #Maha: ED raids nine locations in Rs 242-cr Yavatmal cooperative bank scam probe
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