Ranchi’s Enforcement Directorate office struck hard against corruption in public sector banking, attaching assets totaling Rs 97.92 lakh linked to ex-SBI branch manager Manoj Kumar and relatives. The provisional attachment encompasses a house in Sahibganj and a Patna flat, executed under PMLA 2002 amid a sprawling money laundering probe.
Triggered by multiple cases registered with CBI, ACB Dhanbad, and local police, the ED’s scrutiny exposed a sophisticated scam. Kumar, stationed across several SBI branches in Jharkhand, exploited his authority to siphon funds via hundreds of fraudulent debits from dormant pension accounts and KCC holders among rural, unlettered farmers.
The laundered proceeds, pegged at Rs 5.40 crore, were routed through a web of middlemen accounts, dubious NGOs, and phantom companies to obscure origins. This modus operandi highlights vulnerabilities in rural banking oversight.
With the probe ongoing, the ED is closing in on the broader network of enablers. This high-profile attachment serves as a deterrent, reminding banking officials of the severe repercussions for fiduciary breaches. Expect more revelations as the agency peels back layers of this financial conspiracy.