ED Freezes Properties of Ex-SBI Manager Linked to Rs 5.4 Crore Fraud in Bihar and Jharkhand
Synopsis
The ED has seized two properties valued at Rs 97.92 lakh from a former SBI Branch Manager amid a major fraud investigation involving deceased pensioners. This case highlights the significant financial misconduct within banking institutions.
Key Takeaways
The ED has attached properties worth Rs 97.92 lakh related to a former SBI manager.
This action is linked to a Rs 5.4 crore fraud involving deceased pensioners.
Manoj Kumar exploited his position in various SBI branches to commit fraud.
The investigation revealed a complex money-laundering scheme.
124 individuals have been convicted in PMLA cases recently.
New Delhi, March 19 (NationPress) The Enforcement Directorate (ED) has seized two immovable assets in Bihar and Jharkhand, valued at Rs 97.92 lakh, owned by a former Branch Manager of the State Bank of India (SBI). This action is linked to a significant fraud case amounting to Rs 5.4 crore involving inactive accounts of deceased pensioners, according to an official announcement.
The Ranchi Zonal Office of the ED took this step under the Prevention of Money Laundering Act (PMLA), 2002, against Manoj Kumar, the former Branch Manager. The properties include a residential house located in Sahebganj, Jharkhand, and a flat situated in Patna, Bihar. These assets are registered in the name of Kumar and his family.
The investigation was initiated after multiple FIRs and charge sheets filed by the CBI, ACB, Dhanbad, and the Shikaripara Police Station. The underlying offences encompass criminal conspiracy, cheating, forgery, and misconduct by a public servant as per the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988, the statement added.
The inquiry has unveiled that Manoj Kumar exploited his official capacity while serving at various SBI branches, including Sahebganj, Barhait Bazar, Phulbanga, and Shikaripara, to execute a vast financial fraud scheme. His methods involved carrying out numerous unauthorized debit transactions from the accounts of vulnerable clients, particularly deceased pensioners and Kisan Credit Card (KCC) borrowers.
Funds were redirected through a complex network of intermediary accounts, non-governmental organizations (NGOs), and shell companies to conceal the money trail. The total illicit gains from these criminal activities have been estimated at Rs 5.4 crore, as reported by the ED.
In another development, Minister of State for Finance Pankaj Chaudhary recently noted that Special Courts handling PMLA cases have convicted 124 individuals in 56 out of 59 cases initiated by the ED during the five-year timeframe from April 1, 2021, to February 28, 2026.
During this period, the ED has detained 903 individuals under the provisions of the PMLA, 2002, as stated by Chaudhary. Moreover, the ED has filed 4,377 Enforcement Case Information Reports (ECIRs) in connection with the PMLA, 2002.
Point of View
It's imperative to highlight the systemic failures that allowed a bank official to exploit vulnerable customers. The swift action by the ED signifies a strong stance against financial crimes but also raises questions about oversight within financial institutions.
NationPress
9 May 2026
Frequently Asked Questions
What prompted the ED's investigation?
The ED's investigation was initiated based on multiple FIRs and charge sheets filed by the CBI and local police, highlighting serious allegations of financial misconduct.
What are the key charges against the former SBI manager?
Manoj Kumar faces charges including criminal conspiracy, cheating, forgery, and misconduct as a public servant under various legal frameworks.
What is the total amount involved in the fraud?
The total 'Proceeds of Crime' generated through these fraudulent activities have been estimated at Rs 5.4 crore.
How many individuals have been convicted in PMLA cases recently?
According to Minister Pankaj Chaudhary, 124 individuals have been convicted in 56 out of 59 PMLA cases filed by the ED in the last five years.
What is the role of the Prevention of Money Laundering Act?
The PMLA, enacted in 2002, aims to prevent money laundering and provides the legal framework for the ED to investigate and act against financial crimes.
