ED Arrests Ex-Bank Head Over ₹63 Crore Fraud

ED arrested RM Manjunatha Gowda, ex-chairman of Shimoga Co-op Bank, for laundering ₹63 crore. Raids in Bengaluru and Shivamogga revealed fake gold loan accounts created by branch manager B Shobha, allegedly under Gowda’s instructions. Funds were misappropriated and used to acquire disproportionate assets. Both accused remain unresponsive to charges.