{"id":1568,"date":"2023-02-24T02:44:16","date_gmt":"2023-02-24T02:44:16","guid":{"rendered":"https:\/\/anticorruptiontv.com\/?p=1568"},"modified":"2023-02-24T02:44:16","modified_gmt":"2023-02-24T02:44:16","slug":"sri-guru-raghavendra-cooperative-bank-man-arrested-in-money-laundering-case","status":"publish","type":"post","link":"https:\/\/www.anticorruptiontv.com\/index.php\/2023\/02\/24\/sri-guru-raghavendra-cooperative-bank-man-arrested-in-money-laundering-case\/","title":{"rendered":"Sri Guru Raghavendra Cooperative Bank: Man arrested in money laundering case"},"content":{"rendered":"

Bengaluru:<\/span><\/strong>\u00a0A man has been arrested in connection with the ongoing money laundering probe against a Bengaluru-based co-operative bank for allegedly misappropriating public funds of over Rs 1,000 crore<\/strong>, the Enforcement Directorate said on Thursday.<\/span><\/p>\n

Rajesh VR<\/strong> has been taken into custody in connection with the allegation of embezzlement and misappropriation of depositors’ money of Sri Guru Raghavendra Co-operative Bank.\u00a0The ED said in a statement that he was the main beneficiary of the funds siphoned off from the bank with the connivance of the bank’s management.<\/span><\/p>\n

The agency had arrested K Ramakrishna, chairman of this co-operative bank<\/strong>, in February last year.<\/span><\/p>\n

Speaking about the role of Rajesh VR, ED said, ‘According to the RBI audit report, he has taken a loan of Rs .40 crore from the bank and has not repaid it’.<\/span><\/p>\n

During investigation it was noticed that there are many FIRs against Rajesh VR and his wife in other co-operative banks\/societies for defrauding the public.\u00a0ED alleged that they are habitual criminals.<\/span><\/p>\n

The ED registered a case under criminal sections of the Prevention of Money Laundering Act (PMLA) in February 2020.\u00a0<\/strong><\/span><\/p>\n

The investigation revealed that the money was misappropriated by the bank employees by promising them interest rates higher than the prevailing market rates.\u00a0<\/span><\/p>\n

Fake accounts were created<\/strong> and money was given to various persons including bank staff without obtaining adequate security for the loan.\u00a0<\/span><\/p>\n

The agency had earlier seized property worth Rs 45<\/strong>\u00a0crore in this case.<\/span><\/p>\n

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ED arrested Rajesh VR in the case of Sri Guru Raghavendra Sahakara Bank Niyamitha under the PMLA in bank fraud case. The Principal City Civil and Sessions Judge, Bangalore has granted 3 days\u2019 ED custody.<\/p>\n

— ED (@dir_ed) February 23, 2023<\/a><\/p><\/blockquote>\n