Finance experts have appreciated the economic offences unit (EOU) raids to expose a senior additional district magistrate (ADM) but also want a scanner on the functioning of banks in transacting and parking huge amounts.

Recent raids by EOU at Bhagalpur and Banka districts to ascertain disproportionate assets accumulated by Bhagalpur ADM Jayashree Thakur have exposed serious offences by the Banka district land acquisition office, a local co-operative society and some banks. Probe teams constituted by district magistrates of Bhagalpur and Banka are investigating different aspects of the land acquisition office in Banka and affairs of the co-operative society here.

But experts, like social worker Pradip Kumar Jain, wonder why no action was taken to probe involvements of banks in transacting and parking huge amount. Jain wondered how a co-operative society could accept a huge deposit, violate co-operative principles in admitting large number of members not having common interest. Like Jain, many others feel serious economic offences could not have taken place without banks’ connivance.

Banks seem to have violated RBI and prudent banking norms. Cheques of huge amount in favour of Thakur were credited to the account she maintained with Srijan Mahila Sahyog Samity Ltd (SMSS), a Sabour-based voluntary organisation at Bhagalpur.

To counter money laundering, the RBI has restricted banks from crediting cheques into the account of a third party, but considering difficulties in encashing of account payee cheques by members of co-operative societies in rural areas, such societies there are allowed to collect account payee cheques — not exceeding Rs 50,000 — of its members, subject to certain conditions.

District lead bank manager O.P. Sharma said bankers generally decline to credit third-party cheques. But the Banka district land acquisition office had issued a cheque of Rs 7.32 crore in favour of Thakur, which she deposited with the Srijan Mahila Sahyog Samiti Ltd in Bhagalpur.

In a letter to principal secretary, state cooperative department, Sanjit Kumar, a social worker-cum-activist against illegal financial activities, has requested a probe into connivance of bankers also.

According to him it is a pure case of money-laundering that hurts the economy too. He has also sought a probe into the role of the Bhagalpur district cooperative office.

Sudhir Kumar, a senior deputy collector who was earlier assigned by the Bhagalpur district magistrate to probe into the samiti’s affairs, was not available for comment. Pankaj Jha, district cooperative officer and another member of the probe team, too, was not available.

Sources at his office said he fell ill on Tuesday and was yet to rejoin office. Owing to non-availability of two officers, it is still not clear if the investigating team in Bhagalpur has included this issue within the scope of investigation.