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ED Raids Nine Maharashtra Locations in Rs 242 Crore Money Laundering Case
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News18•01-10-2026, 14:15
ED Raids Nine Maharashtra Locations in Rs 242 Crore Money Laundering Case
- •The Enforcement Directorate (ED) conducted search operations at nine locations in Yavatmal, Maharashtra, in connection with an ongoing Rs 242 crore money laundering case.
- •The case stems from multiple FIRs against officials and employees of Babaji Date Mahila Sahakari Bank and its borrowers.
- •A special audit revealed that bank officials, including the CEO and Chairperson, colluded with borrowers, valuers, and auditors to disburse loans without proper collateral or assessment of repayment capacity.
- •Loan funds were diverted for personal use, withdrawn in cash, used for evergreening of loans, and transferred to bank officials' accounts as kickbacks.
- •The Reserve Bank of India cancelled the license of Babaji Date Mahila Sahakari Bank Ltd, Yavatmal, in 2022 due to fraud and misuse of depositors' money.
Key Questions Answered
The Enforcement Directorate is conducting searches at nine locations in Yavatmal as part of an ongoing money laundering probe into a Rs 242 crore fraud involving Babaji Date Mahila Sahakari Bank.
The Reserve Bank of India cancelled the banking license of Babaji Date Mahila Sahakari Bank Ltd in 2022 following multiple complaints of fraud and misuse of depositors' money.
A special audit revealed that the bank's CEO, chairperson, directors, and officials colluded with borrowers, valuers, and auditors to disburse loans without proper collateral or repayment assessments, later diverting funds contrary to bank policies and RBI guidelines.
