ED Raids Karnataka: Unraveling the District Cooperative Bank Scam

The Enforcement Directorate conducted raids at 10 locations in Karnataka, targeting an alleged District Cooperative Bank scam. The simultaneous searches aim to uncover evidence of financial irregularities and money laundering linked to three cooperative banks in Bengaluru, implicating directors and staff in a multi-crore fraud case.

On Tuesday, the Enforcement Directorate (ED) executed a series of raids at 10 locations across Bengaluru and Shivamogga, Karnataka, as part of an investigation into the District Cooperative Bank scam. This operation is conducted under the Prevention of Money Laundering Act (PMLA), as per the agency's announcement.

The crackdown focuses on uncovering possible traces of financial misconduct and money laundering connected to the cooperative bank. The ED's coordinated search efforts resulted from specific intelligence concerning the ongoing investigation.

Authorities are scrutinizing evidence amid claims of fund misappropriation involving directors and staff from 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 findings could expose a multi-crore financial fraud orchestrated by these management boards.

(With inputs from agencies.)