President of B'luru's Raghavendra Bank arrested in money laundering case

The Enforcement Directorate (ED) has arrested K Ramakrishna, the President of a Bengaluru-based cooperative bank, Sri Guru Raghavendra Sahakara Bank Niyamitha, in a money-laundering case. The case is linked to the alleged misappropriation of public funds worth ₹1,000 crore. ED alleged the bank officials siphoned off the money deposited by the public. They reportedly cheated over 40,000 depositors.