Media reports say ED has taken over properties worth over Rs 45 crore under the anti-money laundering Act in connection with a fraud in Guru Raghavendra Credit Sahakara Bank Niyamitha and Shri Guru Sarvabhouma Credit Cooperative in Karnataka.
The ED has also attached movable assets 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 and their associates.
It bears recall that Manur Vasudeva Majya former CEO of the UCB killed himself. Earlier in June this year, the Anti-Corruption Bureau (ACB) had raided his home following allegations of a scam at the bank. The total amount swindled is to the tune of Rs 1,400 crore.
RBI had stopped the bank from carrying out its business following the revelation of irregularities in January.
