- विज्ञापन -
Patna: On January 10, the Enforcement Directorate (ED) carried out raids at 16 locations across four states in connection with Rashtriya Janata Dal (RJD) MLA and former Minister Alok Mehta.
These raids are part of an investigation into an alleged banking scam involving the Vaishali Urban Cooperative Bank, where Mehta and his family have had ties for over 30 years. The simultaneous operations took place in Bihar, Kolkata (West Bengal), Delhi, and Uttar Pradesh, with a significant police presence, particularly at Mehta’s official residence in Patna.
Sources indicate that Mehta is suspected of being involved in fraudulent withdrawals totaling around Rs 85 crore, utilizing fake documents to issue loans and misusing bank authority. The alleged misconduct spans 10 to 20 years and includes repeated breaches of banking regulations, with loans issued to farmers based on false documentation.
Mehta and his relatives are associated with two companies, Lichchhavi Cold Storage Pvt Ltd and Mahua Cooperative Cold Storage, and are accused of embezzling Rs 60 crore. Additionally, loans exceeding Rs 30 crore were reportedly granted using counterfeit LIC bonds and identity documents.
Alok Mehta’s father, Tulsidas Mehta, founded the Vaishali Urban Cooperative Bank 35 years ago. Alok chaired the bank from 1995 to 2012, during which the alleged irregularities began. In 2012, he transferred control to his father to distance himself from the controversies. The current chairman is Sanjeev Mehta, Alok’s nephew.
Alok Mehta, a notable RJD leader and former Revenue and Land Reforms Minister in the Grand Alliance government, is believed to have leveraged political influence to manage the bank. In 2015, similar issues led the RBI to suspend the bank’s operations, with allegations also directed at Tulsidas Mehta. Although the bank received its RBI license in 1996, political involvement is thought to have adversely affected its operations.
This case raises concerns about the misuse of cooperative banks by political families, regulatory failures, and the exploitation of rural banking institutions for personal benefit. If the allegations are substantiated, Alok Mehta and his family could face serious legal repercussions.
