Tue Apr 08 12:46:41 UTC 2025: ## ED Raids in Shivamogga Over ₹62 Crore Fake Gold Loan Scam

**Shivamogga, April 8, 2025** – The Enforcement Directorate (ED) launched multiple raids in Shivamogga today, targeting individuals allegedly involved in a ₹62 crore loan scam involving fake gold jewelry at the Shivamogga District Central Cooperative Bank.

The raids, which began early Tuesday morning, focused on the homes of several individuals, including the driver of the bank chairman, R.M. Manjunath Gowda, the Shivamogga branch manager, Shobha, and another employee, N.G. Nagabhushan. The investigation centers around a loan disbursed against fraudulently presented gold.

The scam initially surfaced in 2014, when a general manager filed a complaint with the Shivamogga police alleging widespread financial irregularities. Mr. Gowda, then the bank president, was arrested but later released on bail. Notably, Mr. Gowda, a prominent Congress leader and head of the Malnad Area Development Board, has since been re-elected to his position at the bank. The ED’s investigation aims to uncover the full extent of the alleged fraud and hold those responsible accountable.

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