ED Raids Expose Massive Rs 100 Crore Fraud in Bengaluru Banks
The Enforcement Directorate conducted raids in Bengaluru as part of a money laundering probe involving fraudulent activities by promoters of local banks. Over 15,000 depositors were cheated out of Rs 100 crore through high-interest deposit schemes. Funds were diverted into unsecured loans, leading to non-performing assets.
- Country:
- India
The Enforcement Directorate conducted raids across multiple locations in and around Bengaluru, targeting a massive money laundering operation linked to an alleged Rs 100 crore fraud.
The investigation focused on Shushruti Souhardha Bank, Shruthi Souharda Bank, and Shree Lakshmi Souharda Bank, implicating promoters N Srinivas Murthy and his family.
These promoters allegedly cheated over 15,000 investors by promising high returns, diverting funds into unsecured loans that became non-performing and laundering the money into property acquisitions.
(With inputs from agencies.)
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