Enforcement Directorate's Crucial Step in Cooperative Bank Fraud Restitution

The Enforcement Directorate has initiated the restitution of assets worth over Rs 289 crore to depositors of a Maharashtra-based cooperative bank accused of a fraud. The bank's office bearers allegedly conspired with auditors, diverting funds through bogus accounts. Restitution follows legal proceedings involving various courts.

The Enforcement Directorate (ED) is taking significant strides in addressing a major fraud involving a Maharashtra-based cooperative bank, initiating the restoration of assets valued at over Rs 289 crore to affected depositors.

The case traces back to a police FIR in Raigad's Pen district, accusing Pen Cooperative Urban Bank Ltd.'s office bearers of conspiring with auditors to falsify financial records, resulting in a massive Rs 651.35 crore loss to the bank.

Following legal directives, the ED has chosen to withdraw its appeal and is now facilitating the restoration of 29 properties, aiding thousands who lost money in this extensive financial scam.

(With inputs from agencies.)