Karnataka: As part of its investigation into an alleged fake gold scam in the bank, the Directorate of ED conducted raids on the residences of Congress leader and chairman of the Shivamogga District Cooperative Central (DCC) Bank RM Manjunath Gowda on Thursday.
Investigators from the ED are conducting raids at Gowda’s home in Sharavathi Nagar, Shivamogga, and his farmstead close to Karakuchi in the Tirthahalli taluk of the district. Raids are still being conducted.
Earlier, ED asked the Shivamogga DCC Bank for a number of papers. On September 28, Gowda, who serves as the State Coordinator for the KPCC’s Cooperative Division (Karnataka Pradesh Congress Committee), was chosen to lead Shivamogga DCC Bank. Since 1997, he has held this position.
In 2014, Manjunath Gowda was charged with fake gold loan fraud. In August 2014, Shivamogga police arrested Gowda for issuing loans against fake gold. According to the probe, the bank lost Rs 62 crore as a result of irregularities.