Over Rs 45 Crore Assets Seized In Co-operative Bank Fraud In Karnataka
The whole worth of the hooked up belongings is Rs 45.32 crore, ED stated (Representational)
New Delhi:
Belongings value greater than Rs 45 crore were hooked up below the anti-money laundering regulation in reference to a cooperative financial institution fraud in Karnataka, the Enforcement Directorate (ED) stated on Friday.
The central probe company stated it issued a provisional order for attachment, below the Prevention of Cash Laundering Act (PMLA), of movable belongings to the song of Rs 7.16 crore within the type of financial institution balances and stuck deposits belonging to the president, ex-vice president, ex-CEO and provide CEO of Sri Guru Raghavendra Sahakara Financial institution Niyamitha and Sri Guru Sarvabhouma Credit score Co-Operative Ltd and their friends.
Additionally hooked up are 29 immovable houses value Rs 38.16 crore within the type of agricultural land, residential residences and homes held within the identify of Okay Ramakrishna, past due T S Sathyanarayana, past due M V Maiya, Santosh Kumar A and more than a few different staff of Sri Guru Raghavendra Sahakara Financial institution Niyamitha and Sri Guru Sarvabhouma Credit score Co-Operative Ltd, all citizens of Bangalore and different puts within the state.
The whole worth of the hooked up belongings is Rs 45.32 crore, it stated.
Okay Ramakrishna and past due T S Sathyanarayana have been president and vice chairman respectively of each Sri Guru Raghavendra Sahakara Financial institution Niyamitha and Sri Guru Sarvabhouma Credit score Co-Operative Ltd.
Sri Guru Sarvabhouma Credit score Co-Operative Ltd was once established by means of Okay Ramakrishna in 2015 to keep away from paying Tax Deducted at Supply (TDS) which co-operative banks are required to pay below the Source of revenue Tax Act, the ED stated in a observation.
“Between 2016-2019, crores of rupees was once transferred from the society (Sri Guru Sarvabhouma Credit score Co-operative Ltd) to the financial institution. President and M V Maiya have been liable for shifting of the quantities from the stated society to the NPA accounts of the financial institution to scale back the NPA parameter,” it stated.
The ED filed a PMLA case at the foundation of an FIR registered by means of Bengaluru police in February this yr.
The police FIR was once filed below more than a few sections of the Karnataka Coverage of Pastime of Depositors in Monetary Institutions (KPID) Act of 2004 towards past due V Maiya and others for embezzlement of greater than Rs 1,500 crore accrued from numerous depositors, most commonly senior voters, thru fastened deposits by means of promising them prime interest rate starting from 12-16 in line with cent once a year.
“The accused individuals withdrew cash from the financial institution by means of growing fictitious mortgage accounts and didn’t pay off the cash and cheated public at huge. The proceeds of crime have been discovered to be laundered within the identify of many financial institution staff additionally. The president and his members of the family are absconding and ex-CEO of the financial institution has dedicated suicide,” the probe company stated.
Investigation discovered that Okay Ramakrishna at the side of his spouse and son, who is likely one of the Administrators of Mukhyaprana Agro Farming and Analysis Data Pvt Ltd “layered the proceeds of crime” within the identify of the corporate and in addition within the identify of Sri Guru Sarvabhouma Credit score Co-Operative Ltd by means of diverting finances from Sri Guru Raghavendra Sahakara Financial institution Niyamitha.
“The previous CEO, past due Maiya had additionally bought immovable houses in his identify by means of diverting finances from the financial institution and society. Workers of the financial institution and society have been additionally fascinated about diverting finances by means of growing fictitious mortgage accounts and bought houses of their identify and within the identify in their friends,” the ED claimed.
(Aside from for the headline, this tale has no longer been edited by means of NDTV body of workers and is printed from a syndicated feed.)
