ED arrests co-op society director in Bengaluru


PTI, Aug 27, 2020, 4:11 PM IST

New Delhi/ Bengaluru: A director of a Karnataka-based cooperative society has been arrested by the Enforcement Directorate (ED) in Bangalore on money laundering charges, the central agency said on Thursday, August 27.

“The man, N Nanjundaiah, was arrested by the agency under sections of the Prevention of Money Laundering Act (PMLA) on Wednesday and he was produced before a local court that sent him to ED custody till September 1,” it said.

“Nanjundaiah is the director of the Sree Kanva Souharda Co-operative Credit Limited,” it said.

“The arrest has been made in connection with a money-laundering probe linked to alleged “embezzlement” of the funds of the society,” it said.

The PMLA case has been filed on the basis of three FIRs filed by the Bangalore Police against Nanjundaiah in the past.

“Nanjundaiah is the mastermind of the fraud that took place in the said society and had diverted more than Rs 180 crore funds to Kanva group of companies where he was one of the directors. Also, loans of huge amounts were sanctioned to dubious members of the society without proper surety and security that resulted in huge losses to the society and its bona fide members,” the ED alleged in a statement issued here.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Abandoned bike on Maravoor bridge: Police seek help to locate missing man

Huge tree branch falls on former minister Motamma’s brother’s car, no casualty

Dharmasthala Dharmadhikari Veerendra Heggade, 3 others nominated to Rajya Sabha

HDK lashes out at BJP, lists out 16 dynasties in Karnataka BJP

Tailor Kanhaiya Lal’s killing: NIA arrests sixth accused

Actor Salman Khan’s lawyer claims death threat from Lawrence Bishnoi gang

Saudi Arabia expecting 1 million in largest hajj since virus


Related Articles More

Abandoned bike on Maravoor bridge: Police seek help to locate missing man

Huge tree branch falls on former minister Motamma’s brother’s car, no casualty

Dharmasthala Dharmadhikari Veerendra Heggade, 3 others nominated to Rajya Sabha

HDK lashes out at BJP, lists out 16 dynasties in Karnataka BJP

Will not shift existing residents of Chamundi Hills, clarifies minister Somashekhar

MUST WATCH

Rivers entered the temple premises!

Chandrashekhar guruji case : accused arrested

NEWS BULLETIN 05-07-2022

Heavy Rain : Huge Rock fall in road at madikeri

Land Slide Karnataka Kerala Road Close


Latest Additions

Abandoned bike on Maravoor bridge: Police seek help to locate missing man

Huge tree branch falls on former minister Motamma’s brother’s car, no casualty

Dharmasthala Dharmadhikari Veerendra Heggade, 3 others nominated to Rajya Sabha

Former champion Simona Halep back in Wimbledon semifinals

HDK lashes out at BJP, lists out 16 dynasties in Karnataka BJP

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.