ED Raids Mahesh Co-Op Bank: 300 Crore Scam Under Investigation
Hyderabad July 31
In a significant development, the Enforcement Directorate (ED) has conducted raids at the head office and various branch offices of Mahesh Co-Operative Bank. The searches are ongoing at six locations, including the residences of the bank’s Chairman and Managing Director. This action comes in connection with an alleged 300 crore rupee scam.
Mahesh Co-Operative Bank, a well-established financial institution with a robust presence in the cooperative banking sector, has been serving customers for decades. Known for its customer-centric services and community-focused banking, the bank has garnered a substantial customer base over the years. However, recent allegations of financial irregularities have cast a shadow over its reputation.
The ED’s investigation aims to uncover the extent of the alleged scam, which involves misappropriation of funds amounting to 300 crore rupees. The authorities are scrutinizing financial records, transactions, and other documents to trace the flow of funds and identify any potential beneficiaries of the fraudulent activities.
As the investigation continues, the ED is expected to release more information regarding the nature of the scam and any further actions to be taken. The banking community and customers are keenly awaiting updates on the situation.
