THE JHARKHAND STORY DESK
Bengaluru, April 8: The Enforcement Directorate (ED) on Tuesday carried out raids at 10 locations in Karnataka’s Bengaluru and Shivamogga, intensifying its investigation into the District Cooperative Bank scam.
Acting on specific intelligence inputs, ED teams conducted coordinated searches under the Prevention of Money Laundering Act (PMLA).
Officials revealed that the crackdown targets financial irregularities and suspected laundering activities tied to the cooperative banking sector.
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The probe is focused on large-scale misappropriation of funds involving directors, chief executives, and staff associated with Sri Guru Raghavendra Co-operative Bank Limited, Sri Vasista Credit Souharda Co-operative Limited, and Sri Guru Sarvabahuma Souharda Credit Co-operative, all based in Bengaluru.
The federal agency has been pursuing multiple leads linked to a multi-crore fraud allegedly committed by the management boards of these banks. The raids aim to uncover evidence crucial to the ongoing inquiry into the suspected scam.