Gold Loan Scam: ED Attaches Assets of Former Bank Chairman
The Enforcement Directorate has attached assets worth approximately Rs 14 crore belonging to the ex-chairman of a Karnataka-based cooperative bank, RM Manjunatha Gowda, and his wife. This action is part of an investigation into a Rs 63 crore gold loan scam involving money laundering. Gowda is currently under judicial custody.
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The Enforcement Directorate (ED) announced on Friday the attachment of assets valued at around Rs 14 crore of RM Manjunatha Gowda, the former chairman of a Karnataka coop bank, and his spouse. This move relates to a Rs 63 crore gold loan scam where money laundering charges have been filed.
RM Manjunatha Gowda was detained in April by the ED after raids revealed his involvement in the scam. As former chairman of the Shimoga district co-operative central bank, he is now in judicial custody.
The investigation highlighted that funds were diverted fraudulently, implicating former branch manager B Shobha, who allegedly manipulated gold loan accounts under Gowda's directions. Proceeds from these activities were purportedly used by Gowda to acquire disproportionate assets.
(With inputs from agencies.)
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