BENGALURU:
The Enforcement Directorate has been granted custody till September 1 by the special CBI judge of N Nanjundaiah, director of Sree Kanva Souharda Co-operative Credit Society, in a money-laundering case relating to embezzlement of the society’s funds.
The ED has initiated investigation on the basis of 3 FIRs registered by the Basaveshwar Nagar police station against Nanjundaiah u/s 420 of the IPC.
According to the ED, the accused diverted more than Rs 180 crore of the society to the Kanva group of companies where he was one of the directors. Also, loans were allegedly sanctioned to dubious members of the society without proper sureties.