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
April 22,2024

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Mangaluru: BJP candidate in Dakshina Kannada Capt Brijesh Chowta has received a letter from Prime Minister Narendra Modi wishing him victory in the election.

In the letter, which the BJP shared with the media, the PM has lauded Chowta’s exceptional services in the armed forces as a part of the Gorkha regiment, especially in counter-insurgency operations. Modi also has mentioned about Chowta’s efforts as an organiser of the Mangaluru Lit Fest and his dedication to preserve the cultural heritage of the region.

“I am certain that you will immensely contribute towards the welfare of people and the region of Dakshina Kannada. Through this letter, I would like to tell the people of your constituency that this is not an ordinary election. Families across India, especially the senior members, would remember the difficulties they have gone through in the last five to six decades. In the last 10 years, the quality of life of every section of society has improved, with many of these troubles removed. Yet, a lot more is still to be done and this election will be decisive in our mission to ensure a better life for everyone,” reads the letter. 

“Your exceptional service in the armed forces as a part of the Gorkha regiment, especially in counter-insurgency operations, is commendable. Additionally, your efforts as an organiser of the Mangaluru Lit Fest demonstrate your dedication to preserving the cultural heritage of the region. I am certain that you will immensely contribute towards the welfare of people and the region of Dakshin Kannada”

“With the blessings of the people, I am confident that you will reach the Parliament. Team members like you are a great asset for me. As a team, we will leave no stone unturned for the welfare of the people of your constituency and the country. Through this letter, I would like to tell the people of your constituency that this is not an ordinary election. Families across India, especially the senior members, would remember the difficulties they have gone through in the last 5-6 decades. In the last 10 years, the quality of life of every section of society has improved, with many of these troubles removed. Yet, a lot more is still to be done and this election will be decisive in our mission to ensure a better life for everyone.

“This election is an opportunity to connect our present with a bright future. Every vote that the BJP gets will go towards forming a stable government and impart momentum in our journey to become a developed nation by 2047. The people of India themselves have made up their minds to support this vision and are leading the way in this election. I am aware that the summer heat poses problems to everyone. But this election is extremely important for the future of our nation. I appeal to the voters to cast their votes early in the morning, before the heat sets in.

“It is important that our workers motivate people to go out and vote in large numbers. Focus on winning the booth. Victory in every booth leads to success in the constituency. At the same time, I request workers of our party to take care of their health and that of other people around them. As a candidate of the BJP, I urge you to convey my assurance to each voter that every moment of my time is dedicated to the welfare of my fellow citizens. I send you my wishes for your victory in the election,” stated PM Modi in the letter.

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News Network
April 12,2024

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Udupi, Apr 12: A family’s visit to a resort to enjoy Eid-ul-Fitr holidays turned tragic as a 10-year-old boy drowned in the swimming pool at Hengavalli in Kundapur taluk of Udupi district on Thursday. 

The deceased has been identified as Mohammed Azeez, a Class 4 student at Darussalam English Medium School in Hoode.

Azeez was, who had gone to the resort along with his parents, was playing in the pool when he lost balance and drowned. Even though he was rescued, he was in a critical condition and later breathed his last. 

The family members have accused the negligence of the resort management as the reason for Azeez's death. They said that the incident occurred due to the absence of safety equipment like life jackets and the lack of lifeguards near the swimming pool.

A case has been registered at Shankaranarayana police station and investigations are underway. 

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News Network
April 23,2024

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The Karnataka government's decision to categorise the entire Muslim community as a backward caste for reservation purposes in the state has drawn criticism from the National Commission for Backward Classes (NCBC), which said such blanket categorisation undermines the principles of social justice.

According to the data submitted by the Karnataka Backward Classes Welfare Department, all castes and communities within the Muslim religion have been enlisted as socially and educationally backward classes under Category IIB in the State List of Backward Classes.

The NCBC, during a field visit last year, examined the state's reservation policy for OBCs in educational institutions and government jobs.

"All castes/communities of Muslim religion of Karnataka are being treated as socially and educationally backward classes of citizens and listed as Muslim Caste separately under Category IIB in the State List of Backward Classes for providing them reservation in admission into educational institutions and in appointments to posts and vacancies in the services of the State for the purpose of Articles 15(4) and 16(4) of the Constitution of India," the NCBC said in a statement on Monday night.

This categorisation has led to the provision of reservation benefits for 17 socially and educationally backward castes under Category I and 19 castes under Category II-A, respectively.

The NCBC said the blanket categorisation of Muslims as a backward caste undermines the principles of social justice, particularly for the marginalised Muslim castes and communities identified as socially and educationally backward.

However, the NCBC emphasised that while there are indeed underprivileged and historically marginalised sections within the Muslim community, treating the entire religion as backward overlooks the diversity and complexities within Muslim society.

"The religion-based reservation affects and works against ethics of social justice for categorically downtrodden Muslim castes/communities and identified socially and educationally backward Muslim castes/communities under Category-I (17 Muslim castes) and Category II-A (19 Muslim castes) of State List of Backward Classes. Hence, socially and educationally backward castes/communities cannot be treated at par with an entire religion," the NCBC stated.

The NCBC also voiced concern over the impact of such reservations on the overall framework of social justice, particularly in the context of local body polls.

While Karnataka provides 32 per cent reservation to backward classes in local body elections, including Muslims, the Commission stressed the need for a nuanced approach that accounts for the diversity within these communities.

According to the 2011 Census, Muslims constitute 12.92 per cent of the population in Karnataka.

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