{
  "id": 11204588,
  "title": "Yavatmal Bank Fraud: ED Searches 9 Locations In Alleged ₹242-Crore Cooperative Bank Fraud Probe",
  "url": "https://urgent.news/2026/10/01/yavatmal-bank-fraud-ed-searches-9-locations-in-alleged-242-crore",
  "topic": "world",
  "section": "World",
  "published": "2026-10-01T13:47:37.000Z",
  "source": {
    "name": "Free Press Journal",
    "slug": "free-press-journal",
    "url": "https://www.freepressjournal.in/mumbai/yavatmal-bank-fraud-ed-searches-9-locations-in-alleged-242-crore-cooperative-bank-fraud-probe"
  },
  "original_language": "en",
  "account": "The Enforcement Directorate (ED) has carried out simultaneous searches at nine locations across Yavatmal district, Maharashtra, as part of its investigation into an alleged Rs 242 crore financial fraud at Babaji Date Mahila Sahakari Bank Ltd. The probe, under the Prevention of Money Laundering Act (PMLA), is focusing on alleged nexus between the bank's senior officials and borrowers, who allegedly received high-value loans despite inadequate collateral and negligible repayment capacity.\n\nThe searches were conducted following multiple complaints about the misuse of depositors' money, leading to a special audit by the Maharashtra government. The audit found that the bank's CEO, chairperson, directors and officials allegedly colluded with borrowers, valuers and auditors to sanction loans. The ED estimates the alleged fraud at around Rs 242 crore.\n\nOnce the loans were disbursed, the funds were allegedly diverted, with portions used for personal purposes, withdrawn in cash, or transferred to other accounts. The ED is also investigating the use of loan funds for evergreening of loans, where fresh credit is used to repay existing loans, masking underlying stress or defaults. Another aspect of the investigation is the alleged transfer of loan proceeds into accounts linked to bank officials, suspected to be kickbacks for facilitating the loans.",
  "summary": "Mumbai, October 1, 2026: The Enforcement Directorate (ED) Mumbai Zone on Thursday conducted simultaneous searches at nine locations in Maharashtra’s Yavatmal district as part of its money-laundering investigation into an alleged Rs 242-crore financial fraud at Babaji Date Mahila Sahakari Bank Ltd. The federal probe focuses on an alleged deep-rooted nexus between the bank’s senior functionaries…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}