Ranchi, September 18, 2026: The Enforcement Directorate (ED) on Friday conducted searches at seven locations across Jharkhand and Odisha in connection with an alleged financial fraud involving the Jharkhand State Co-operative Bank (JSCB).
The searches were carried out by the ED’s Ranchi Zonal Office under the Prevention of Money Laundering Act (PMLA). The case is linked to alleged large-scale fraud at the JSCB’s Seraikela branch.
According to officials, businessman Sanjay Kumar Dalmia is being investigated for his alleged role in the financial irregularities, including suspected connivance with officials associated with the bank at the time.
The searches reportedly included Dalmia’s residence in Seraikela, while several locations in Odisha, including Bhubaneswar, Sambalpur and Sundargarh, were also covered.
Investigators are examining financial records, documents and other material to trace the alleged money trail and determine the role of individuals connected with the case.
Earlier court proceedings had referred to allegations of around ₹4.14 crore in alleged misappropriation linked to transactions involving JSCB branches.
The ED has not yet disclosed the complete details of material seized or announced any arrests. The investigation remains ongoing.
