Bengaluru
The Criminal Investigation Department (CID) has stepped up its probe into the shocking Rs 60 crore fraud at the EPF Cooperative Bank. Investigators revealed that the accused, Jagadish, planned the scheme in a calculated, almost movie‑like manner to misappropriate funds belonging to the poor, elderly, and disabled.
According to the CID, the money deposited by investors was initially kept in the DCC Bank, Malleswaram. From there, it was transferred through cheques to the accounts of relatives before being moved to foreign accounts. Jagadish is reported to have invested in real estate, restaurants in Dubai, and race courses abroad, making recovery of the funds challenging due to technical and legal hurdles in tracing foreign assets.
Jagadish was employed on a contract basis rather than as a full-time employee, adding another layer of complexity to the investigation. Authorities noted that even the process of arresting him involved procedural difficulties.
The misuse of funds has caused distress among the contributors, many of whom are vulnerable groups relying on EPF savings for financial security. Officials are working to track all transactions, both domestic and international, to recover the misappropriated money and bring those responsible to justice.
The CID has intensified its efforts to ensure that all involved parties are identified and held accountable. The case has drawn widespread attention because of the scale of the fraud and the sophisticated planning used to divert public money abroad.