PATNA, July 23 -- The Economic Offences Unit (EOU) on Tuesday arrested three persons, including the then branch manager of Bihar Awami Cooperative Bank (BACB) and officials of Vaishali Sahkari Vikas Nigam (VSKN), in connection with a Rs.101 crore scam involving fake loan disbursements and embezzlement. Separate FIRs were earlier registered by the Vaishali and Patna police at Town and Pirbahore police stations, respectively, against both named and unidentified accused. The Enforcement Directorate (ED) is also probing the case and has registered an Enforcement Case Information Report (ECIR). The arrested individuals have been identified as Mohammad Sayyed Shahnawaz Wazih - who served as assistant branch manager and branch manager between 1998-2013 and 2014-2023 - Mohammad Shaukat Ali, an employee of the Awami Cooperative Bank, and LIC agent Rajnikant, alias Gopal Prasad. According to EOU DIG Manavjeet Singh Dhillon, both FIRs have now been taken over by the EOU for further investigation. The probe revealed that Shahnawaz Wazih, in connivance with other bank staff, LIC officials, middlemen, and agents, allegedly created fake LIC policies and opened bogus loan accounts, siphoning off Rs.16.17 crore from BACB. In the VSKN case, the manager, CEO, and chairman are accused of misappropriating around Rs.83.5 crore through loans issued to 383 fictitious beneficiaries between April 2020 and December 2022. The scam is also being treated as a case of data theft, as many of the fraudulent loans were disbursed using forged Aadhaar numbers, fake PAN cards, LIC bonds, and fabricated warehousing receipts. The fraud came to light during an inspection by the Reserve Bank of India (RBI), which later brought in a forensic team in November 2023 to verify loan documents. The team confirmed that funds were misappropriated in the names of 383 fake beneficiaries under various credit schemes, including cash credit limits and demand loans. Bihar Awami Cooperative Bank is the largest urban cooperative bank among the three in Bihar. DIG Dhillon added that Shahnawaz Wazih is also absconding in at least four other cases. The bank, headed by former MLC Anwar Ahmed - a close aide of RJD chief Lalu Prasad Yadav - had previously drawn attention after a large amount of demonetised currency was allegedly deposited there following the November 2016 note ban. The CBI and Income Tax department had separately conducted raids and recorded statements, including that of former Bihar CM Rabri Devi....