Directorate for enforcement (ED) attached the moving and impossible properties of the value of 13.91 GBP Crore belonging to the family Shivamogga DCC Bank RM Manjunath Gowda.
Mr. Gowda, accused of fraud for a gold loan at the bank’s city branch, which came to light in 2014, was arrested by the prevented money laundering law (PMLA), 2022, in Bengaluru 9 April 2025.
In a press release published on Friday, Ed said that the Karnataka police investigating a gold loan fraud filed fees for claiming that B. Shobha, the city branch manager, diverted 62.77 Crore by opening fraudulent accounts of gold loans without knowing each account. She hit a crime on the basis of Mr. Gowda’s instructions, who was the chairman of the bank.
The ED investigation revealed that the proceeds of the offense were washed and also handed over to Mr. Gowda. He gained various movable and impossible qualities from the proceeds of the crime obtained from crimes. Police Lokayukty also found that he owned assets disproportionate to his well -known sources of income, the release said. Ed has attached the qualities that belong to Mr. Gowda and his wife.
Ed officials made searches in various places in Bengalur and Shivamogg on April 8 before they took Mr. Gowda to custody the next day. During search operations, officials confiscated evidence and 2.5 kg of gold jewelry.
Published – 6 June 2025 20:07
