The officials of the Enforcement Directorate began search operations at multiple locations in Shivamogga, reportedly in connection with the disbursal of a loan of over ₹62 crore against fake gold jewellery in Shivamogga District Central Cooperative Bank.
According to sources, the officials reached here early morning on Tuesday and began the operations at the houses belonging to the person Shivakumar, who worked as the driver of the Chairman of the bank, R.M. Manjunath Gowda, and the manager of Shivamogga branch, Shobha, and another employee, N.G. Nagabhushan.
The scam came to light in 2014 when a general manager of the bank lodged a complaint with the Shivamogga police, alleging large-scale financial irregularities. A few people, including Mr. Manjunath Gowda, who was then the president of the bank, were arrested. Later, he was released on bail.
Mr. Manjunath Gowda has been re-elected to the post. He is a prominent Congress leader and also heads the Malnad Area Development Board.
Published – April 08, 2025 06:16 pm IST
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