ED Files Complaint under PMLA against Former President of SDCC and Apex Bank
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The Enforcement Directorate (ED), Bengaluru Zonal Office, has filed a formal complaint under the Prevention of Money Laundering Act (PMLA), 2002 against R.M. Manjunatha Gowda, who is the former President of Shimoga District Central Co-operative (SDCC) Bank and the Karnataka State Co-operative Apex Bank. The complaint was submitted to the Special Court for PMLA cases on June 6, 2025.
This action by the ED is based on two separate police cases (FIRs). The first case was filed by the Shimoga Police regarding a gold loan fraud at the SDCC Bank’s City Branch, where fraudulent activities led to a loss of ₹62.77 crore. The second case was filed by the Lokayukta Police against R.M. Manjunatha Gowda for having disproportionate assets — meaning he owned wealth worth ₹3.95 crore, which he could not explain based on his official income.
The ED started investigating the money laundering angle and later arrested R.M. Manjunatha Gowda on April 9, 2025, after finding his involvement in laundering money through illegal means. He is currently in judicial custody, which means he is in jail as the court case continues.
As part of the investigation, the ED has also attached (taken control of) movable and immovable properties belonging to Gowda and his wife. These properties — including land, buildings, or valuable items — are currently worth about ₹13.91 crore in today’s market value. The ED took this step under the rules of the PMLA, 2002, to prevent the accused from using or selling off these assets during the investigation.
The investigation is still ongoing, and the ED continues to gather more evidence to uncover the full extent of the fraud and money laundering activities.
