News Desk, Tech for FTCP, Bangalore
Updated Thu, 27 Aug 2020 04:07 PM IST
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It was told that Nanjundaiya is the director of Shri Kanva Sauharda Co-operative Credit Limited and was arrested under the sections of the Prevention of Money Laundering Act in the embezzlement fund.
A case under PMLA has been registered against Nanjundaiya after three FIRs filed by the Bangalore Police. Nanjundaiya is the mastermind of the fraud committed in the said society and sent over Rs 180 crore to the Kanva group company where he was a director himself.
“In addition, loans of huge amount to suspected members of the society were sanctioned without proper investigation and protection, causing heavy losses to the society and its members,” the ED said in a statement issued here.
Enforcement Directorate (ED) has arrested N Nanjundaiah, Director of Sree Kanva Souharda Co-operative Credit Limited in money laundering case relating to embezzlement of Society's fund. He has been sent to custody of ED till Sep 1 by a special court in Bengaluru: ED
– ANI (@ANI) August 27, 2020