New Delhi [India], April 8 (HBTV): The Enforcement Directorate (ED) on Tuesday conducted raids at 10 locations in Bengaluru and Shivamogga in Karnataka in connection with the District Cooperative Bank scam, the agency stated.

The federal agency launched simultaneous searches based on specific inputs under the provisions of the Prevention of Money Laundering Act (PMLA).

The operations are part of an ongoing investigation into an alleged scam involving the District Cooperative Bank. According to officials, the searches aim to gather evidence related to suspected financial irregularities and money laundering linked to the bank's operations.

The ED has been pursuing multiple leads following reports of misappropriation of funds involving three banks: Sri Guru Raghavendra Co-operative Bank Limited, Bengaluru; Sri Vasista Credit Souharda Co-operative Limited, Bengaluru; and Sri Guru Sarvabahuma Souharda Credit Co-operative, Bengaluru.

The agency suspects that a multi-crore fraud was committed by directors, chief executives, and members of the management boards of the respective institutions. (ANI)