Hyderabad: Enforcement Directorate (ED) sleuths on Wednesday, conducted searches at six locations in Hyderabad belonging to the promoters of AP Mahesh Cooperative Urban Bank in connection with a money laundering case registered against them.
Searches were conducted on the locations of Mahesh Cooperative Bank chairman Ramesh Kumar Bung, vice chairman Purushottamdas Mandhana, and managing director Umesh Chand Asawa.
The bank's three top executives are accused of document forgery, illegal disbursement of loans exceeding Rs 300 crore, and siphoning off Rs 18.30 crore. During the raids on Wednesday, ED sleuths learnt to have recovered unaccounted cash.
Searches were also conducted on Solipuram Venkat Reddy and two other individuals linked to money routing operations, whose names surfaced during the investigation.
ED registered a money laundering case against the bank's top executives based on FIRs filed by the Banjara Hills police in the past.
Banjara Hills police registered two cases against the top executives of Mahesh Cooperative Bank on charges of cheating and criminal breach of trust.
Members of the AP Mahesh Cooperative Bank Shareholders Association lodged a complaint with the Banjara Hills police earlier, alleging that the board members committed fraud during general body elections and misappropriated substantial funds from depositors and shareholders.
Published 31 July 2024, 16:13 IST