Saturday, 19 Sep, 8.10 pm The Indian Print

ED attached more than 45 crore assets of Karnataka Cooperative Bank

New Delhi. The Enforcement Directorate (ED) has attached assets worth more than Rs 45 crore under the Prevention of Money Laundering Act in connection with the fraud of a cooperative bank in Karnataka . The ED gave its information on Friday. The agency said that it had issued a preliminary order under the Money Laundering Prevention Act (PMLA) to attach the bank's movable assets worth Rs 7.16 crore, including other assets. These movable assets were in the form of bank balance and fixed deposits.

These assets belonged to the current Chief Executive Officer (CEO) of Sri Guru Raghavendra Co-operative Bank Regular and Sri Guru Sovereign Credit Co-operative Limited, former CEO, President, former Vice President and his associates. Apart from these, 29 immovable properties worth Rs 38.16 crore were attached as agricultural land, residential apartments and houses. These assets Ramakrishna, late TS Satyanarayana, late MV Maiya, Santosh Kamar A and Sri Guru Raghavendra Sahkara are the bank regulars and some of the employees of Sri Guru Sovereign Credit Co-operative Limited. All of them hail from Bengaluru or other parts of Karnataka. The ED said that the total value of the attached properties is Rs 45.32 crore.

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