IT has conducted raids on the assets belonging to R.M. Manjunatha Gowda, President of Shivamogga District Cooperative Central Bank and Congress party leader in the district, reports Hindu.
The IT officials conducted verification of the documents related to financial transactions in Sharavathi Nagar locality in the city, in Tirthahalli town and in Karakuchi village. A separate team is verifying the documents at the main office of SDCC Bank in the city and at Kodachadri Souharda Credit Cooperative Society managed by him.
A scam related to issuance of gold loan at SDCC Bank was unearthed in July 2014. It was alleged that loan was issued for 778 accounts by mortgaging fake gold owing to which the bank had suffered loss to the tune of Rs 61.59 crore. Following this, a criminal case was booked against Gowda who was president of the bank then.