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
February 3,2026

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Dakshina Kannada MP Capt Brijesh Chowta has urged the Centre to give high priority to offshore wind energy generation along the Mangaluru coast, citing its strategic importance to India’s green energy and port-led development goals.

Raising the issue in the Lok Sabha under Rule 377, Chowta said studies by the National Institute of Oceanography have identified the Mangaluru coastline as part of India’s promising offshore wind ‘Zone-2’, covering nearly 6,490 sq km. He noted that the region’s relatively low exposure to cyclones and earthquakes makes it suitable for long-term offshore wind projects and called for its development as a dedicated offshore wind energy zone.

Highlighting the role of New Mangalore Port, Chowta said its modern infrastructure, multiple berths and heavy cargo-handling capacity position it well as a logistics hub for transporting and assembling large wind energy equipment.

He also pointed to the presence of major industrial units such as MRPL, OMPL, UPCL and the Mangaluru SEZ, which could serve as direct buyers of green power through power purchase agreements, improving project viability and speeding up execution.

With Karnataka’s peak power demand crossing 18,000 MW in early 2025, Chowta stressed the need to diversify renewable energy sources. He added that offshore wind projects in the Arabian Sea are strategically safer compared to the cyclone-prone Bay of Bengal.

Calling the project vital to India’s target of 500 GW of renewable energy by 2030, Chowta urged the Ministry of New and Renewable Energy to initiate resource assessments, pilot projects and stakeholder consultations at the earliest.

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News Network
February 3,2026

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Mangaluru, Feb 3: Kanachur College of Physiotherapy and Kanachur Hospital & Research Centre, in association with U.T. Fareed Foundation (R), organised the 11th Late Mrs. Naseema Fareed Memorial Lecture on Tuesday.

The programme was inaugurated by Dr. Subramanyam K, Head of the Department and Professor, Department of Cardiology, Srinivas Institute of Medical Sciences & Research Centre, Mangaluru. In his inaugural address, Dr. Subramanyam delivered an insightful talk highlighting the vital role of physiotherapy in modern medical care, particularly in cardiac rehabilitation, patient recovery, and improving overall quality of life through a multidisciplinary healthcare approach.

The presidential address was delivered by Dr. Haji U.K. Monu, Chairman, KIET. The keynote address was presented by Dr. Mohammed Ismail Hejamady, who spoke on the evolving scope and significance of physiotherapy.

The event was held in the presence of Mr. Abdul Rahiman, Director, Kanachur Institute of Medical Sciences, Mangaluru; Dr. Vaishali Sreejith, Senate Member, Rajiv Gandhi University of Health Sciences, Bengaluru; Dr. Sudhan S.G., Professor and Principal, Krupanidhi College of Physiotherapy, Bengaluru; Dr. Shanavaz Manipady, Dean, Kanachur Institute of Medical Sciences, Mangaluru; and Dr. Venkat Rai Prabhu, Member, Kanachur Health Science Advisory Council, Kanachur Hospital & Research Centre.

Dr. Mohammad Suhail, Dean, Kanachur College of Physiotherapy, welcomed the guests and delegates.

As part of the programme, a two-day free workshop was organised on the following topics:

•    Art of Practice in Cardiopulmonary Conditions by Dr. Sudhan S.G., Principal, Krupanidhi College of Physiotherapy

•    The Gift of Life – Organ Donation by Dr. Rohan Monis, Chief Administrative Medical Officer

•    Chest X-ray Interpretation by Dr. Hemanth, Department of Radiology, KIMS

•    Pulmonary Rehabilitation by Dr. Vijaya Kumar, Department of Respiratory Medicine, KIMS

Organisers noted that the memorial lecture series has been conducted continuously for the 11th year, benefiting interns and postgraduate students from various colleges across Mangaluru. A total of 130 delegates attended the workshop.

Dr. Reshma, Vice Principal, Kanachur College of Physiotherapy, Mangaluru, delivered the vote of thanks.

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News Network
February 1,2026

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The coastal city of Mangaluru is gearing up for a major sporting milestone with the launch of a Golf Excellence Academy at the Pilikula Golf Club (PGC), scheduled to open on May 31. The initiative aims to position Mangaluru firmly on India’s national golfing map.

Speaking to reporters on Saturday during PGC’s first-ever floodlit Pro-Am tournament, club captain Manoj Kumar Shetty said the project is being funded by UAE-based philanthropist Michael D’Souza and is currently in the design phase. Experts from leading golf academies across the country are expected to visit Mangaluru to help shape the training programme and infrastructure.

The academy will train 20 young golfers at a time, with a long-term vision of producing national-level players from the region. Until now, PGC relied on an in-house coach, but the recent renovation of the course and the introduction of floodlights have opened new possibilities for expanding the sport.

Shetty said discussions are underway with two reputed coaching academies, whose heads are expected to visit PGC shortly. “A dormitory for trainers is already under construction. We are inviting academies to assess the facilities and suggest changes so we can build a truly world-class Golf Excellence Academy,” he said.

Professional golfer Aryan Roopa Anand noted that the floodlit course would be a game-changer for young players. “Students can now practise after school hours, even up to 8 or 9 pm, without compromising on academics,” he said.

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