The Enforcement Directorate (ED) on Wednesday started searching at Bangalore and more than 15 places in Bangalore in and around three cooperative banks Sushruti Saharada Bank, Shruti Sahard Bank and Sri Lakshmi Sahard Bank.
Officials associated with the incident told ANI that the premises associated with the promoters and their family members were being searched. Officials said that the action was taken after allegations of fraud of more than Rs 100 crore from more than 15,000 deposits. According to the officials, the accused lured the depositors by promising high interest returns, which attracted a large amount of money.
Subsequently, the ED investigation revealed that the funds were transferred to the colleagues through unprotected loans. An official said, “Most of these loans turned into non-performing assets (NPAs), and funded was treated and used to buy property.” He indicated a clear violation under the Money Laundering Prevention Act (PMLA), 2002. The Karnataka branch of ED started raids from morning itself. “The amount of crime in this case is more than Rs 100 crore.”
According to officials, during the search proceedings conducted by the ED so far, more than 20 high -value assets were found, which were not identified by the Karnataka Police’s investigation and investigation establishment (KPIDE).
The agency is investigating the limit of financial irregularities and identifying the assets earned from money laundering. ED is under investigation to find out the entire limit of the dhokhadhadi and to find out the income of the offense under the provisions of the PMLA.
