The Enforcement Directorate (ED) conducted searches at more than 15 locations around Bengaluru on Wednesday linked to a multi-crore cheating case involving Shushruti Souharda Sahakara Bank Niyamita, Shruthi Souharda Credit Cooperative Society, and Shree Lakshmi Souharda Bank, media reports say.
The accused promised depositors unusually high interest rates, allegedly swindling over Rs 100 crore from more than 15,000 people. Investigators say deposits were funneled into unsecured loans to associates, many turning into bad debts.
The ED suspects money laundering through real estate purchases, violating the Prevention of Money Laundering Act, 2002.
Over 20 undisclosed high-value properties were uncovered during the Karnataka wing’s operation, which began early Wednesday morning.
