Synopsis
The ED has filed a prosecution complaint concerning a massive fraud at Vaishali Sahari Vikash Cooperative Bank, involving Rs 83.5 crore. Key players, including the suspended CEO and other associates, face serious charges related to embezzlement and fraudulent transactions, with significant legal proceedings underway.Key Takeaways
- The ED files a chargesheet involving Rs 83.5 crore fraud.
- Key figures include suspended CEO Vipin Tiwari and others.
- Fraudulent loans issued under fake accounts.
- Legal proceedings initiated by the Special PMLA Court.
- Investigation into associated companies ongoing.
Patna, March 11 (NationPress) The Enforcement Directorate (ED) has submitted a Prosecution Complaint (PC) to the Special PMLA Court in Patna regarding the Rs 83.5 crore fraud involving Vaishali Sahari Vikash Cooperative Bank (VSVCB) located in Hajipur, Bihar.
In the chargesheet, the ED has identified Vipin Tiwari, the suspended CEO of VSVCB, Sandeep Kumar Singh, the owner of N Dimension, Nitin Mehra, who runs Mehra Travels, and Ram Babu Shandilya, linked to these fraudulent financial activities.
Moreover, their associated companies, Rakshika Travels India LLP, Shandilya Tech Enterprises LLP, and RSDR Agri Aqua LLP, are also under investigation.
An ED official stated that suspended CEO Vipin Tiwari and Chairman Sanjeev Kumar allegedly abused their authority to divert funds through fake accounts and fraudulent transactions.
The Bihar Police has filed three FIRs against them under applicable sections of the Bhartiya Nyay Sahita for cheating and forgery. The Special PMLA Court acknowledged the case on Tuesday, paving the way for legal action.
ED aims to secure convictions against all individuals involved in this significant financial fraud.
The ED has revealed disturbing facts related to the Vaishali Sahari Vikash Cooperative Bank (VSV) fraud, which encompasses Rs 83.5 crore in embezzlement.
Bank officials flouted regulations by sanctioning fake loans to 383 accounts, fraudulently issuing loans totaling Rs 79.02 crore.
An extra Rs 4.48 crore was misappropriated by bank personnel. The implicated officials reportedly utilized fake warehouse receipts, LIC policies, and JLG records to conceal cash deficits.
Previously, on January 10, 2025, the ED conducted raids at 19 locations, resulting in the arrests of Vipin Tiwari, Sandeep Kumar Singh, Nitin Mehra, and Ram Babu Shandilya.
This fraud has caused severe financial repercussions for both the bank and the public. From the embezzled funds, approximately Rs 25 crore was traced to accounts linked with Nitin Mehra, his business Mehra Travels, and N. Dimension, transferred via RTGS/IMPS/NEFT from fraudulent loan accounts.
An ED representative indicated that the funds misappropriated by Vipin Tiwari were utilized for personal and business expenses.
