ED attaches assets of ex-Karnataka cooperative bank chairman, wife in Rs 63-cr gold loan 'fraud'
New Delhi, Jun 6 (PTI): The Enforcement Directorate on Friday said it has attached assets worth about Rs 14 crore of the former chairman of a Karnataka-based cooperative bank and his wife as part of an alleged Rs 63 crore worth gold loan scam linked money laundering case.
RM Manjunatha Gowda was arrested by the federal probe agency in April after the agency carried out raids in the case.
The former chairman of the Shimoga district co-operative central bank headquartered in Shivamogga is currently lodged in jail under judicial custody.
Immovable and movable properties having present market value worth Rs 13.91 crore belonging to Gowda and his wife have been attached under the Prevention of Money Laundering Act (PMLA) in an investigation related to gold loan scam at the city branch of the cooperative bank, the ED said in a statement.
The money laundering case stems from a complaint and chargesheet filed by the Karnataka Police where it was alleged that B Shobha, a former branch manager of the said bank, in conspiracy with other co-accused "diverted" bank funds worth Rs 62.77 crore.
The modus operandi, as per the police, involved opening "fraudulent" gold loan accounts without the knowledge of the individual account holders, utilising fake, fabricated and forged documents.
ED probe found that "large-scale misappropriation of funds took place at the Shimoga district co-operative central bank, city branch which was orchestrated primarily by the branch manager B Shobha on the instructions of R M Manjunatha Gowda".
The agency alleged the "proceeds of crime" generated by B Sobha in conspiracy with other co-accused were "laundered" and "handed-over" to Gowda.
Gowda "acquired" various movable and immovable properties from the alleged illegal funds and as per a chargesheet filed by the Lokayukta Police, he was also found to be in possession of assets "disproportionate" to his known sources of income, the ED claimed.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Passing out parade held at IMA Dehradun, 491 young officers join Indian Army
Dehradun(PTI): After undergoing rigorous training at the Indian Military Academy (IMA) in Dehradun, 491 cadets participated in a grand Passing Out Parade on Saturday and will now be commissioned as officers in the Indian Army.
The spectacular parade, held at the historic Drill Square in front of the academy's Chatwood Building, was reviewed by Army Chief General Upendra Dwivedi, who served as the reviewing officer.
Along with 491 Indian cadets, 34 foreign cadets from 14 friendly countries also participated in the Autumn Term 2025 Passing Out Parade.
A total of 525 officer cadets from the 157th Regular Course, 46th Technical Entry Scheme, 140th Technical Graduate Course, 55th Special Commissioned Officers Course, and Territorial Army Online Entrance Exam 2023 Course participated in the Passing Out Parade.
The 'Sword of Honour' and gold medal for securing first place during training was awarded to ACA Nishkal Dwivedi, the silver medal to BUO Badal Yadav for second place, and the bronze medal to SUO Kamaljeet Singh for third place.
The silver medal for securing first place in the 'Technical Graduate Course' was awarded to Officer Cadet Jadhav Sujit Sampat, and the silver medal for first place in the 'Technical Entry Scheme-46' was awarded to WCC Abhinav Mehrotra.
The silver medal for the 'Special Commission Officer Course' was given to Officer Cadet Sunil Kumar Chhetri.
Among the foreign cadets, the first place in merit was secured by JUO Mohammad Safin Ashraf from Bangladesh. The Army Chief's Banner for overall best performance in the Autumn Term was awarded to Imphal Company.
As the parade concluded, helicopters showered flowers on the newly commissioned officers from the sky.
On this occasion, General Dwivedi congratulated the new officers in his address for successfully completing their training. He praised the young officers for their high level of discipline, leadership qualities, and endurance, and urged them to uphold the glorious traditions of the Indian Army and serve the nation with loyalty, commitment, and honour.
General Dwivedi said that joining the army marks the beginning of a lifelong duty and selfless service.
The parents and guardians of the newly commissioned officers were also present during the passing out parade.
