Bank president in ED net for embezzlement

ED has attached moveable and immovable properties worth Rs 45 crore of Ramakrishna, who has been sent to ED custody for five days.

Published: 18th September 2022 07:04 AM  |   Last Updated: 18th September 2022 07:04 AM   |  A+A-

Enforcement Directorate (File Photo | PTI)

Enforcement Directorate used for representational purpose only. (File Photo | PTI)

By Express News Service

BENGALURU: Directorate of Enforcement (ED) officials on Saturday arrested president of Sri Guru Raghavendra Sahakara Bank Niyamita K Ramakrishna under the provisions of the Prevention of Money Laundering Act, 2002.

Ramakrishna is accused of misappropriating public deposits to the tune of more than Rs 1,000 crore.
Based on a complaint, an FIR was registered under various sections including the Karnataka Protection of Interest Depositors in Financial Establishments Act, 2004 by Basavanagudi police against Ramakrishna and others, an official said.

Investigation revealed that the bank employees had embezzled money deposited with the bank which had promised comparatively higher interest rates than the prevailing market rates. The money was diverted to various persons including bank staffers by creating fictitious accounts, without obtaining adequate security for the loans. The amount was then sent to overdue loan accounts for evergreening to show that the bank was financially strong.  

ED has attached moveable and immovable properties worth Rs 45 crore of Ramakrishna, who has been sent to ED custody for five days.



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