The Enforcement Directorate (ED) on Tuesday carried out raids at 10 locations across Bengaluru and Shivamogga in Karnataka in connection with the alleged District Cooperative Bank scam, news agency ANI reported.
The operations are part of an ongoing investigation into an alleged scam involving the District Cooperative Bank. (HT_PRINT)
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The federal agency launched simultaneous searches based on specific intelligence inputs under the Prevention of Money Laundering Act (PMLA).
The raids are part of an ongoing investigation into suspected financial irregularities and money laundering linked to the operations of the District Cooperative Bank.
According to officials, the searches are aimed at gathering evidence related to suspected financial irregularities and money laundering linked to the cooperative bank, the report added.
ED has been tracking multiple leads following reports of misappropriation of funds within three banks' operations as multi-crore fraud committed by the directors, chief executives and staff members of the management board of 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.
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Home/Cities/Bengaluru News/ED raids 10 locations in Bengaluru, Shivamogga in Cooperative Bank scam probe
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