ED attaches over Rs 45-cr assets in co-op bank money laundering case

News Network
September 18, 2020

Bengaluru, Sept 18: Assets worth more than Rs 45 crore have been attached under the anti-money laundering law in connection with cooperative bank fraud in Karnataka, the Enforcement Directorate (ED) said on Friday.

The central probe agency said it issued a provisional order for attachment, under the Prevention of Money Laundering Act (PMLA), of movable assets to the tune of Rs 7.16 crore in the form of bank balances 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.

Also attached are 29 immovable properties worth Rs 38.16 crore in the form 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 various other employees of Sri Guru Raghavendra Sahakara Bank Niyamitha and Sri Guru Sarvabhouma Credit Co-Operative Ltd, all residents of Bangalore and other places in the state.

The total value of the attached assets is Rs 45.32 crore, it said.

K Ramakrishna and late T S Sathyanarayana were president and vice president respectively of both Sri Guru Raghavendra Sahakara Bank Niyamitha and Sri Guru Sarvabhouma Credit Co-Operative Ltd.

Sri Guru Sarvabhouma Credit Co-Operative Ltd was established by K Ramakrishna in 2015 to avoid paying Tax Deducted at Source (TDS) which co-operative banks are required to pay under the Income Tax Act, the ED said in a statement.

"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," it said.

The ED filed a PMLA case on the basis of an FIR registered by Bengaluru police in February this year.

The police FIR was filed under various sections of the Karnataka Protection of Interest of Depositors in Financial Establishments (KPID) Act of 2004 against late V Maiya and others for embezzlement of more than Rs 1,500 crore collected from a large number of depositors, mostly senior citizens, through fixed deposits by promising them high rate of interest ranging from 12-16 per cent every year.

"The accused persons withdrew money from the bank by creating fictitious loan accounts and did not repay the money and cheated public at large. The proceeds of crime were found to be laundered in the name of many bank employees also. The president and his family members are absconding and ex-CEO of the bank has committed suicide," the probe agency said.

Investigation found that K Ramakrishna along with his wife and son, who is one of the Directors of Mukhyaprana Agro Farming and Research Info Pvt Ltd "layered the proceeds of crime" in the name of the company and also in the name of Sri Guru Sarvabhouma Credit Co-Operative Ltd by diverting funds from Sri Guru Raghavendra Sahakara Bank Niyamitha.

"The former CEO, late Maiya had also purchased immovable properties in his name by diverting funds from the bank and society. Employees of the bank and society were also involved in diverting funds by creating fictitious loan accounts and purchased properties in their name and in the name of their associates," the ED claimed.

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News Network
October 30,2020

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Bengaluru, Oct 30: Karnataka Chief Minister B S Yediyurappa on Friday hinted that he would expand his cabinet after the by-elections scheduled for R R Nagar and Sira Assembly Constituencies in the State.

Speaking to newsmen here, he said after the by-election, he would visit New Delhi and get party high command's green signal for the expansion.

Underlining that BJP will win both the seats, Mr Yediyurappa said that there will be a lot of changes in politics after the results are announced. The BJP candidates in both the constituencies will win by a huge margin, he added.

He said there was no need to campaign for the by-elections being the Chief Minister, however, former prime minister HD Deve Gowda, Leader of the Opposition Siddaramaiah and former state CM HD Kumaraswamy have gone to campaign. It would be unfair if I have not campaigned for BJP candidates.

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News Network
October 24,2020

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Mangaluru, Oct 24: Customs officials have arrested a passenger who arrived by Indian Airlines from Dubai and seized 531 grams of gold worth about Rs 27 lakh at Mangalore International Airport on Friday night.

Official sources said on Saturday that the passenger had arrived from Dubai by Air India Express flight No IX 1384.

He had smuggled gold in powder form. Gold of 24-carat purity of 531.390 grams valued at Rs 27,36,659 has been seized.

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News Network
October 20,2020

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Kalaburagi, Oct 20: Fresh rain in the catchment area of River Bhima in Karnataka and other places in Kalaburagi, Vijayapura and Yadgir district on has deteriorated the flood situation in the state.

Several villages on the bank of River Bhima have gone under floodwater after the heavy discharge of water into the river from Sonna barrage.

NDRF team and Army jawans rescued hundreds of people stranded in the floodwater and sent them to relief centres.

The release of water from Sonna barrage came down to 3.92 lakh cusec on Tuesday morning from 8.20 lakh cusec. Vehicular movement on a bridge, constructed near Katti Sangavi which connects Kalaburagi with Jewargi, was stopped on Monday also.

About 28,637 people took shelter in 162 relief centres opened across the district.

Flood Water entered into the houses located near the riverbank in Saradagi (B), Firozabad in Kalaburagi taluk, Rasanagi, Handanur and Harawal villages in Jewargi taluk and the residents have been shifted to relief centres.

The people, who are taking shelter in the relief centres for the past two days, brought their belongings from their houses by using a coracle. A total of 157 villages in six taluks of the district are facing the flood threat and initially, 27,378 people from 73 villages have been shifted to safer places with the help from the teams of NDRF, Fire and emergency services department.

Two helicopters, kept standby, are yet to be utilised for the rescue operation. As water entered into Kona Hipparaga village in Jewaargi taluk, the NDRF team and Army’s jawans rescued the residents and shifted them to relief centre at Koodi village.

The rain, which gave a break for the past two-three days, lashed Kalaburagi city and parts of Jewargi taluk. Meanwhile, the people are leaving their homes in fear because of fluctuation in water release from barrages and reservoirs. Though flood subsided a little in Afzalpur taluk, the situation continued to grim in Kalaburagi, Jewargi, Chitapur and Shahabad taluk. Bhagyavanti temple in Mahur village has also submerged.

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