The ED has arrested five people, including two relatives of RJD MLA Alok Mehta, in the Rs 85 crore Vaishali Bank scam. Among those apprehended are Vipin Tiwari, the CEO of the bank, and his father-in-law, Rambabu Shandilya.
The arrests have triggered speculation about the possible legal and political ramifications for Mehta, a close confidant of RJD chief Lalu Prasad Yadav.
The ED has escalated its investigation into the financial irregularities associated with the Vaishali Cooperative Bank, conducting raids in Patna, Varanasi, Delhi, Kolkata, and other cities. The agency’s efforts have led to the discovery of a complex web of financial misconduct involving prominent individuals.
Those arrested include Nitin Mehra, Sandeep Singh, and Pankaj Tiwari. While three of the accused have been sent to judicial custody, Vipin Tiwari and Sandeep Singh remain under interrogation.
Alok Mehta, chairman of Vaishali Urban Development Cooperative Bank from 1995 to 2012, has strong ties to the bank, founded by his father. The RBI halted its operations in 2015 due to embezzlement allegations.
In June 2023, an RBI report exposed the scam, leading to three FIRs in Hajipur and the ED’s investigation.
The probe into the scam could impact Mehta, with his tenure as the bank’s chairman now under scrutiny. Given his ties to the accused, the ED may expand its investigation into his role in the bank’s operations.
The involvement of his relatives in the scam has raised concerns about his potential involvement and could lead to legal and political challenges for the senior RJD leader.
Meanwhile, Sanjeev Kumar, the current chairman of the Vaishali Urban Development Cooperative Bank, is also under investigation. Despite ED raids, he remains untraceable. The investigation is set to continue as the ED seeks to uncover the full extent of the financial irregularities linked to the cooperative bank.
As the investigation progresses, Alok Mehta faces growing legal and political challenges, with potential developments in both areas.
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