Charge sheet has been submitted to the Second Judicial Magistrate First Class Court by the The Criminal Investigation Department (CID) police regarding the probe on the scam related to issuance of gold loans at Shivamogga District Cooperative Central (SDCC) Bank. The scam surfaced in 2014 in July where in 18 people were arrested including R.M. Manjunatha Gowda, who was president of SDCC Bank and Karnataka State Cooperative Apex Bank then, as well as Nagabhushan and Geetha, Managers of the bank.
It was alleged that 778 accounts have been issued with the loan at Amir Ahmed Circle Branch of SDCC Bank by mortgaging fake gold. It was reported by the police that the bank faced a loss of 62 crore rupees due to these nondisciplinary issues. The case was initially taken up by the The District Crime Intelligence Bureau police and later the state government handed it over to the CID.
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