The Enforcement Directorate (ED) arrested four individuals, including a former CEO, in connection with an ₹85 crore fraud at the Vaishali Shahri Vikas Co-operative Bank Ltd. The arrested individuals are accused of orchestrating a large-scale money laundering scheme, diverting funds meant for developmental projects. The bank is reportedly promoted by an RJD MLA, adding a political dimension to the case.
Preliminary investigations revealed that the accused misused their positions to siphon off funds through shell companies. The ED has also frozen multiple bank accounts and properties linked to the suspects. This case underscores the importance of financial oversight and accountability in cooperative banking systems, which often serve rural populations.