The money laundering case in Karnataka is taking many twists and turns. Assets worth more than 45 crores have been seized under the anti-money laundering law in connection with cooperative bank fraud in Karnataka, the Enforcement Directorate (ED) stated on Friday. The central inquiry bureau said it originated a temporary order for seizure, under the Prevention of Money Laundering Act (PMLA), of movable assets to the tune of Rs 7.16 crore in the form of bank profits and fixed deposits belonging to the president, ex-vice president, ex-CEO and present CEO of Sri Guru Raghavendra Sahakara Bank Niyamitha and Sri Guru Sarvabhouma Credit Co-Operative Ltd and their associates.
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ED also attached are 29 fixed properties worth Rs 38.16 crore in the sort of agricultural land, residential apartments and houses held in the name of K Ramakrishna, late T S Sathyanarayana, late M V Maiya, Santosh Kumar A and several other employees of Sri Guru Raghavendra Sahakara Bank Niyamitha and Sri Guru Sarvabhouma Credit Co-Operative Ltd, all occupants of Bangalore and other places in the state. K Ramakrishna and late T S Sathyanarayana were presidents and vice president respectively of both Sri Guru Raghavendra Sahakara Bank Niyamitha and Sri Guru Sarvabhouma Credit Co-Operative Ltd.
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Sri Guru Sarvabhouma Credit Co-Operative Ltd was organized by K Ramakrishna in 2015 to avoid paying Tax Deducted at Source (TDS) which co-operative banks are expected to pay under the Income Tax Act, the ED said in a statement. It further added, "Between 2016-2019, crores of rupees was transferred from the society (Sri Guru Sarvabhouma Credit Co-operative Ltd) to the bank. President and M V Maiya were responsible for transferring of the amounts from the said society to the NPA accounts of the bank to reduce the NPA parameter." The ED filed a PMLA case on the basis of an FIR registered by Bengaluru police in February this year.
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