<p>Bengaluru: The <a href="https://www.deccanherald.com/tags/enforcement-directorate">Enforcement Directorate (ED) </a>on Thursday launched surprise raids in over 15 locations in and around Bengaluru in connection with alleged fraud of over Rs 100 crore in three co-operative banks.</p><p>The raids focused on the promoters of Shushruti Souhardha Bank, Shruthi Souharda Bank and Shree Lakshmi Souharda Bank and their family members, sources said.</p><p>According to ED sources, N Srinivas Murthy, the promoter, and his family members cheated over 15,000 depositors of over Rs 100 crore.</p>.Bank sells flat to DCP posted in Bengaluru without disclosing pending loan; officer files police complaint.<p>“It was done by luring them to make deposits with high interest rates. Subsequently, the funds were diverted through unsecured loans to associates. Most loans became Non Performing Assets (NPAs), and the money was laundered and used to buy properties,” the ED sources said.</p><p>All of this has violated the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.</p><p>“Over 20 high-value properties that weren’t identified earlier were found during the search proceedings so far,” the sources said.</p><p>In October 2023, the Central Crime Branch (CCB) of the Bengaluru police had raided Shushruti Souharda Sahakara Bank Niyamita in connection with the fraud. Three separate cases were registered by the Bengaluru police.</p><p>In July 2023, the Reserve Bank of India (RBI) cancelled the bank’s license due to a “lack of adequate capital and earning prospects”, a year after it had imposed withdrawal curbs. </p>
<p>Bengaluru: The <a href="https://www.deccanherald.com/tags/enforcement-directorate">Enforcement Directorate (ED) </a>on Thursday launched surprise raids in over 15 locations in and around Bengaluru in connection with alleged fraud of over Rs 100 crore in three co-operative banks.</p><p>The raids focused on the promoters of Shushruti Souhardha Bank, Shruthi Souharda Bank and Shree Lakshmi Souharda Bank and their family members, sources said.</p><p>According to ED sources, N Srinivas Murthy, the promoter, and his family members cheated over 15,000 depositors of over Rs 100 crore.</p>.Bank sells flat to DCP posted in Bengaluru without disclosing pending loan; officer files police complaint.<p>“It was done by luring them to make deposits with high interest rates. Subsequently, the funds were diverted through unsecured loans to associates. Most loans became Non Performing Assets (NPAs), and the money was laundered and used to buy properties,” the ED sources said.</p><p>All of this has violated the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.</p><p>“Over 20 high-value properties that weren’t identified earlier were found during the search proceedings so far,” the sources said.</p><p>In October 2023, the Central Crime Branch (CCB) of the Bengaluru police had raided Shushruti Souharda Sahakara Bank Niyamita in connection with the fraud. Three separate cases were registered by the Bengaluru police.</p><p>In July 2023, the Reserve Bank of India (RBI) cancelled the bank’s license due to a “lack of adequate capital and earning prospects”, a year after it had imposed withdrawal curbs. </p>
