Lagatar24 Desk
Shivamogga, Oct 5: The Directorate of Enforcement (ED) carried out raids at the properties of RM Manjunath Gowda, a Congress leader and the chairman of Shivamogga District Cooperative Central (DCC) Bank, as part of its probe into a purported counterfeit gold scandal within the bank.
ED investigators are currently conducting searches at RM Manjunath Gowda’s home in Sharavathi Nagar, Shivamogga, and his farmhouse located near Karakuchi in the Tirthahalli taluk of the district. The raids are currently ongoing.
Previously, the ED had asked for specific documents from the Shivamogga DCC Bank. RM Manjunath Gowda, who serves as the State Coordinator of the KPCC (Karnataka Pradesh Congress Committee) Cooperative Division, was elected as the chairman of the Shivamogga DCC Bank on September 28. He has held this position continuously since 1997.
Manjunath Gowda was the main suspect in a case involving a fake gold loan in 2014. In connection with the issuing of loans against fake gold, the Shivamogga police detained Gowda in August 2014.
According to the investigation, the bank incurred a loss of Rs 62 crore because of misconduct. In August 2014, the Shimoga police arrested 18 employees of the Shimoga District Central Cooperative Bank (SDCCB), including RM Manjunath Gowda, on suspicion of their participation in irregular activities.
Gowda and the bank staff were charged with approving loans based on counterfeit gold and, in certain instances, providing loans without any actual gold serving as collateral for the funds disbursed.
Gowda is said to be a close and trusted associate of the Deputy Chief Minister of the state, DK Shivakumar.
