ED Files Prosecution Complaint in Vaishali Bank Fraud Case, Accused Laundered Rs. 83.5 Crore.
11 March 2025
On March 7, 2025, the Directorate of Enforcement (ED) filed a Prosecution Complaint (PC) in the Vaishali Sahari Vikash Cooperative Bank (VSV) fraud case before the Hon'ble Special Court (PMLA) in Patna. The accused individuals include Vipin Tiwari (former CEO of VSV), Sandeep Kumar Singh (Proprietor of ‘N Dimension’), Nitin Mehra (Proprietor of ‘Mehra Travels’), and Ram Babu Shandilya, along with their associated firms.
The case involves embezzlement of approximately Rs. 83.5 Crore through fraudulent loan accounts, manipulation of bank records, and forged documents. ED’s investigation revealed that the funds were transferred to various accounts and laundered through entities set up by the accused, resulting in significant financial losses for the bank. The accused were arrested following a series of search operations in January 2025. The investigation is ongoing.