Hyderabad: Enforcement Directorate takes over Gokul Bank and Bipin cases

Hyderabad: The Enforcement Directorate has taken up two major cases from the city — the Gokul Urban Cooperative Bank fraud and the Jeweller Bipin Jain case. Their properties will be attached under the Prevention of Money Laundering Act if proven guilty after the investigation.

Hyderabad Central Crime Station sleuths had written to the ED to take up both the cases and attach properties. CCS sources said that henceforth all major cases involving government and public funds will be sent to the ED.

""Under CrPC the provisions on attaching properties are ambiguous. But under PMLA there are provisions to attach properties acquired with crime proceeds. So we have decided to hand over all major cases involving big money and that of the government or large numbers of citizens to the ED," said a CCS official.

The police arrested a conman named Bipin Jain of Somajiguda on last December 15 who allegedly cheated gold and diamond merchants of the city.

On December 18, the CCS arrested CEO J. Balaiah Yadav of Gokul Cooperative Urban Bank for cheating the eSeva run by the IT department of Telangana government by misappropriating funds worth Rs 3.06 crore. Bank chairman Cheemala Jagadish Yadav was also arrested. CCS said the accused took loans and used it to buy cars and gold.