Bengaluru: The Enforcement Directorate (ED) on Tuesday carried out raids at 10 locations in Bengaluru and Shivamogga, Karnataka, as part of its investigation into the District Cooperative Bank scam. The agency conducted simultaneous searches at these locations based on specific inputs under the Prevention of Money Laundering Act (PMLA).
These raids are part of an ongoing probe into allegations of financial irregularities and money laundering connected to the District Cooperative Bank. Officials indicated that the searches aim to gather crucial evidence concerning suspected financial misappropriation and fraudulent activities.
The ED has been following multiple leads regarding a multi-crore fraud allegedly carried out by the directors, chief executives, and staff members of three co-operative banks. These include Sri Guru Raghavendra Co-operative Bank Limited, Bengaluru; Sri Vasista Credit Souharda Co-operative Limited, Bengaluru; and Sri Guru Sarvabahuma Souharda Credit Co-operative, Bengaluru. The investigation centers on the misappropriation of funds and other financial misconduct within these institutions.
