The Enforcement Directorate arrested Rajesh VR in the case of Sri Guru Raghavendra Sahakara Bank Niyamitha under the Prevention of Money Laundering Act, 2002 in connection with misappropriation of public deposits of more than Rs1000 Crore.
He is the major beneficiary of the fund siphoned off from the bank with the connivance of the management of the bank.
A press release issued by the ED said, As per the RBI’s Inspection report, he has availed loans of Rs 40.40 Crore from the bank and has not repaid the same. It is also noticed during investigation that there are multiple FIRs against Rajesh VR and his wife in the case of public frauds committed by them in other cooperative banks/societies also. Hence, they are habitual offenders”.
Earlier, the Enforcement Directorate had attached movable and immovable properties belonging to the accused persons worth Rs 45.32 Crore. The same was confirmed by the Hon’ble Adjudicating Authority (PMLA), New Delhi vide Order dated 10-03-2021.
The Principal City Civil and Sessions Judge, Bangalore has granted three days’ ED custody of the arrestee. Further investigation in the case is in progress.
