The Enforcement Directorate (ED) on Tuesday raided 10 locations in Bengaluru and Shivamogga as part of a money laundering probe into a multi-crore scam involving three cooperative banks.
Acting under the Prevention of Money Laundering Act (PMLA), the ED launched the searches based on specific intelligence inputs.
The investigation focuses on suspected financial irregularities and fund misappropriation at Sri Guru Raghavendra Co-operative Bank, Sri Vasista Credit Souharda Co-operative, and Sri Guru Sarvabahuma Souharda Credit Co-operative.
Key figures under scrutiny include directors and senior management, with the ED aiming to uncover evidence of large-scale fraud and financial misconduct.
