BENGALURU: The Criminal Investigtion Department (CID) hase intensified the investigation into the EPF cooperative‑bank fraud case. During the investigation a shocking matter came to light, and the accused planned it in a movie‑style manner.
Investigation has revealed that the accused misappropriated funds of Rs 60 crore and had planned to avoid recovery of the money. When the arrested accused Jagadish was taken into custody and questionned, it was discovered that he had invested in foreign countries. It was also revealed that he had made investments in foreign countries including restaurants in Dubai, race courses and real estate.
If investments are made abroad, officials cannot easily recover the money as there may be many technical difficulties. Moreover, Jagadish is not a direct employee of the company. He joined on a contract basis, and there are some technical issues even in arresting him.
Jagadish had made the money belonging to the poor, disabled and elderly his capital for making crores. The money people invested is deposited in the DCC Bank in Malleswaram, from where it was transferred via cheques to the accounts of relatives and then sent to foreign accounts.
