Archive · 6 Jun 2025
ED Attaches Assets of Ex-Karnataka Bank Chairman in Scam
The Enforcement Directorate (ED) is investigating a big money scam.
They found out that the former chairman of a bank, Mr. Gowda, was involved.
The ED has now seized his properties because they believe the money used to buy the properties came from the scam.
They also arrested a bank manager who helped in the fraud.
It all started with fake gold loans and lots of money missing from the bank.
ED attached assets worth approximately ₹14 crore belonging to R.M. Manjunatha Gowda and his wife.
Gowda, former chairman of a Karnataka-based cooperative bank, was arrested in April.
The case involves a gold loan scam at the bank's city branch.
B. Shobha, a former branch manager, allegedly diverted ₹62.77 crore in bank funds.
Gowda is currently in jail under judicial custody.
- Who
- The Enforcement Directorate (ED), R.M. Manjunatha Gowda, and B. Shobha.
- What
- The ED attached assets worth approximately ₹14 crore linked to a gold loan scam.
- When
- The ED attached assets on Friday and Gowda was arrested in April.
- Where
- Shimoga, Karnataka.
- Why
- The ED is investigating a gold loan scam and money laundering case.
- Value of Attached Assets
- ₹13.91 crore
- Former Chairman
- R.M. Manjunatha Gowda
- Primary Offense
- Gold loan scam
- Involved Manager
- B. Shobha
- Arrest Date
- April
- Bank Location
- Shimoga
- Current Status
- In judicial custody
