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
December 15,2025

Mangaluru, Dec 15: Air India Express has announced that it will resume direct flight services between Mangaluru and Muscat from March 2026, restoring an important international air link for passengers from the coastal region.

Airport authorities said the service will operate twice a week—on Sundays and Tuesdays—from March 1. The initial flights are scheduled on March 3, 8 and 10, followed by March 15 and 17, with the same operating pattern to continue thereafter. The flight duration is approximately three hours and 25 minutes.

The Mangaluru–Muscat route was earlier operated under the 2025 summer schedule, with services beginning on July 14. At that time, Air India Express had operated four flights a week before suspending the service.

Officials said the summer schedule will come into effect from March 29, after which changes in flight timings and departure schedules from Mangaluru are expected. Passengers have been advised to check the latest schedules while planning their travel.

The resumption of direct flights to Muscat is expected to significantly benefit expatriates, business travellers and others, further strengthening Mangaluru’s air connectivity with the Gulf region.

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News Network
December 5,2025

Mangaluru: In a significant step to curb online hate and intimidation, Mangaluru City Police have registered a suo motu case against multiple Instagram accounts accused of circulating alleged provocative and threatening content.

While monitoring social media activity on Tuesday, Kankanady Town PSI Anitha Nikkam identified the Instagram handle ‘team_targetttt_900’ for posting a hate message alongside images of lethal weapons. Another account, ‘team_nagara_900’, allegedly shared a threatening post targeting activist Bharath Kumdelu, tagging additional pages such as KARAVALI-OFFICIAL.

Several other accounts — including ‘immu_bhai.fan’, ‘target_boy_900’, ‘kings_of_manglore’, ‘team_target_boys.900’, ‘arshad_mangalore’, ‘target_ka19_ullal’, ‘team_target__’, ‘troll_tigersz_900’, ‘tr_group_900’, and ‘team_target_900’ — are also under scrutiny for spreading similar inflammatory material, police said.

Authorities have urged citizens, especially young social media users, to report suspicious pages and avoid engaging with groups that glorify violence or threaten individuals. Online hate can quickly escalate into real-world harm, and police stress that sharing or promoting such content can attract legal consequences.

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News Network
December 16,2025

Mangaluru, Dec 16: The Mangaluru City police have significantly escalated their campaign against drug trafficking, arresting 25 individuals and booking 12 cases under the Narcotic Drugs and Psychotropic Substances (NDPS) Act between November 30 and December 13. The crackdown resulted in the seizure of a substantial quantity of illicit substances, including 685.6 grams of MDMA and 1.5 kg of ganja.

The success of this recent drive has been significantly boosted by the city’s innovative, QR code-based anonymous reporting system.

"The anonymous reporting system has received an encouraging response. Several recent arrests were made based on inputs received through this system, helping police tighten the noose around drug peddlers," said the City Police Commissioner.

The latest arrests contribute to a robust year-to-date record, underscoring the police's relentless commitment to combating the drug menace.

Up to December 14 this year, the police have registered a total of 107 cases of drug peddling, leading to the arrest of 219 peddlers. Furthermore, they have booked 562 cases of drug consumption, resulting in the arrest of 671 individuals.

The scale of the seizure for the year reflects the magnitude of the problem being tackled: police have seized 320.6 kg of ganja worth ₹88.7 lakh and 1.4 kg of MDMA valued at ₹1.2 crore. Other significant seizures include hydro-weed ganja worth ₹94.7 lakh and cocaine worth ₹1.9 lakh, among others.

The Commissioner emphasized a policy of rigorous enforcement: "We ensure that peddlers are caught red-handed so that they cannot later dispute the case or claim innocence."

To counter the rising trend of substance abuse among youth, the Mangaluru City police have rolled out uniform guidelines for random drug testing across educational institutions.

As part of the drive, tests were conducted in approximately 100 institutions, screening an estimated 5,500 to 6,000 students in the first phase. 20 students tested positive for drug consumption during the initial screening.

Students who tested positive have been provided counselling and are scheduled for re-testing in the second quarter. The testing will also be expanded to students not covered in the first phase. In a move to ensure strict implementation, police personnel were deployed in mufti in some institutions. Reiterating a zero-tolerance stance, the Commissioner confirmed that random testing will continue, and colleges have also been instructed to conduct drug tests at the time of admission to deter substance abuse from an early stage.

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