New Delhi, April 8 (HS): The Enforcement Directorate (ED) conducted raids at 10 locations in Bengaluru and Shivamogga, Karnataka, on Tuesday in connection with the district cooperative bank scam.

Official sources revealed that the central investigative agency initiated searches on all these locations simultaneously based on specific information under the Prevention of Money Laundering Act (PMLA), 2002. This action by the ED is part of an ongoing investigation into the alleged scam related to the district cooperative bank. According to officials, the purpose of the raid is to gather evidence related to suspected financial irregularities and money laundering associated with the cooperative bank.

The central investigative agency has been monitoring several leads following reports of embezzlement of millions of rupees by directors, chief executive officers (CEOs), and management board staff within the operations of three banks in Bengaluru. These cooperative banks include Guru Raghavendra Cooperative Bank, Vasishta Souharda Cooperative Bank, and Guru Sarvabhauma Souharda Credit Co-operative Bank.

Hindusthan Samachar / Jun Sarkar