The Enforcement Directorate carried out searches at Pimpri (Pune) on Friday on the premises of a few former senior officials of the Seva Vikas Cooperative Bank, whose licence was cancelled last October by the Reserve Bank of India on grounds that the lender did not have adequate capital and earning prospects. The cooperative bank had ceased to carry on banking business with effect from the close of business on Oct 10, 2022, the RBI had said in a statement. Allegations had surfaced related to irregularities in loan disbursement by the cooperative bank.
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