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ED arrests one in 100 cr PMLA case of Sri Guru Raghavendra Sahakara Bank

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The Enforcement Directorate (ED) has arrested one Rajesh V.R in the case of Sri Guru Raghavendra Sahakara Bank Niyamitha pertaining to mis-appropriation of pubic deposits of more than Rs 1000 crore.

The ED said that Rajesh is the major beneficiary of the fund siphoned off from the bank in connivance with the management of the bank.

“As per the RBI’s Inspection report, he has availed loans of Rs 40.40 crore from the bank and has not repaid the same. It is also noticed during investigation that there are multiple FIRS against Rajesh VR and his wife in case of public frauds committed by them in other cooperative banks/societies also. Hence, they are habitual offenders,” the ED said.

Earlier, an ECIR was lodged by the ED based on the basis of FIR registered
under various sections of IPC and under section 9 of Karnataka Protection of Interest Depositors in Financial Establishments Act, by Bengaluru Police against the Bank and others.

During the investigation under PMLA, it was revealed that the said Bank promised to give a higher interest rate to the depositors which was not in line with the prevailing market rate. The bank officers created fictitious loan accounts and transferred the money to these accounts (without proper scrutiny of the loans) which in turn was transferred to overdue loan accounts for evergreening purposes to show strong financial health of the Bank.

Earlier, the Enforcement Directorate has attached movable and immovable properties belonging to the accused persons valuing to Rs 45.32 crore.

The Principal City Civil and Sessions Judge, Bangalore has granted three days’ ED custody of the arrestee.

Further investigation in the case is in progress.

National News

Pahalgam attack: India now suspends inbound mails and parcels from Pakistan

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New Delhi, May 3: The Centre on Saturday announced to suspend exchange of inbound mails and parcels from Pakistan via air and surface routes, after banning all imports and barring Pakistani-flagged vessels from entering the ports earlier in the day.

In a notification, the Ministry of Communications announced the suspension of mails and parcels from the neighbouring country, in the wake of the brutal Pahalgam terror attack that killed 26 people, mostly tourists.

“The Government of India has decided to suspend exchange of all categories of inbound mail and parcels from Pakistan through air and surface routes,” read the notification.

India earlier banned all imports — direct and indirect — from Pakistan amid rising tensions.

According to a notification by the Commerce Ministry, “Direct or indirect import or transit of all goods originating in or exported from Pakistan, whether or not freely importable or otherwise permitted, shall be prohibited with immediate effect, until further orders.”

“This restriction is imposed in the interest of national security and public policy. Any exception to this prohibition shall require prior approval of the Government of India,” said the notification.

Later, New Delhi barred Pakistan-flagged ships from entering any of its ports.

According to a directive from the Ministry of Ports, Shipping and Waterways, Pakistan-flagged ships have been banned from entering Indian ports. The directive also prohibited India-flagged vessels from docking at ports in Pakistan.

Citing national security concerns, the directive was implemented to “ensure the safety of Indian assets, cargo, and related infrastructure, in public interest and for the interest of Indian shipping.” The directive is effective immediately and will remain in force until further notice.

“The objective of the Act is to foster the development and ensure the efficient maintenance of an Indian mercantile marine, in a manner best suited to serve national interests,” the order issued by the ministry said.

Meanwhile, Prime Minister Narendra Modi on Saturday reaffirmed India’s unwavering resolve to act decisively against terrorism and those who support it.

Speaking during a joint press conference with Angolan President Joao Manuel Goncalves Lourenco, Prime Minister Modi stated, “We are firmly united in our stance against terrorism. I expressed my gratitude to President Lourenco and the people of Angola for their sympathies to those killed in the Pahalgam terror attack.”

“We are committed to taking firm and decisive actions against terrorists and those who support them. We thank Angola for its support in our fight against terrorism,” the Prime Minister added.

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International News

India bans all imports from Pakistan amid rising tensions

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New Delhi, May 3: India has banned all imports – direct and indirect – from Pakistan amid rising tensions with the neighbouring country over the barbaric Pahalgam terror attack.

According to a notification by the Commerce Ministry, “Direct or indirect import or transit of all goods originating in or exported from Pakistan, whether or not freely importable or otherwise permitted, shall be prohibited with immediate effect, until further orders.”

“This restriction is imposed in the interest of national security and public policy. Any exception to this prohibition shall require prior approval of the Government of India,” said the notification.

A provision in this regard has been added in the Foreign Trade Policy (FTP) 2023 “to prohibit direct or indirect import or transit of all goods originating in or exported from Pakistan,” it said in the notification dated May 2.

As per official data, India’s exports to Pakistan fell 56.91 per cent year-on-year between April 2024 and February 2025 to $491 million, while there were no imports. Top exports to Pakistan in FY25 included drug formulations, sugar, bulk drugs, residual chemicals and auto components.

The Attari-Wagah border, the sole trade route between India and Pakistan, had already been closed in the aftermath of the Pahalgam attack.

At least 26 civilians, including a Nepalese tourist and a local pony guide operator, were massacred by terrorists in the scenic Baisaran meadow in Jammu and Kashmir on April 22. The relations between the two nations soured as terror links to Pakistan emerged.

As per official data, India’s exports to Pakistan fell 56.91 per cent year-on-year between April 2024 and February 2025 to $491 million, while there were no imports.

Top exports to Pakistan in FY25 included drug formulations, sugar, bulk drugs, residual chemicals and auto components.

Meanwhile, the ongoing tension with India has shaken the confidence of investors in Pakistan badly, setting the country on course to record its worst performance in dollar bonds and stocks since 2023.

The investors have lost at least four per cent during April, while equities are down by three per cent. In comparison, India’s assets have largely been invulnerable.

Global powers, including the United States, have called on both parties to show restraint and de-escalate tensions.

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National News

Congress expressed grief over the stampede at Lerai Devi Jatra in Goa, expressed condolences to the victim families

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Panaji, May 3: A tragic accident took place during the Lerai Devi Jatra in Shirgaon, Goa. More than 5 people lost their lives in a sudden stampede during the religious event. The Goa Pradesh Congress Committee (GPCC) has expressed deep grief over the incident and expressed its condolences to the victim families.

The Goa Pradesh Congress Committee issued an official statement expressing deep grief over the stampede incident. Amarnath Panjikar, Chairman, Media Cell, GPCC said, “The Goa Pradesh Congress Committee (GPCC) is deeply saddened by the tragic incident that took place during the Shirgaon Yatra where a stampede resulted in the loss of innocent lives and injuries to many others. We offer our heartfelt condolences to the bereaved families who have lost their loved ones in this unfortunate tragedy. Our thoughts and prayers are with them in this hour of grief. We also pray for the speedy and complete recovery of all those who have been injured. The GPCC stands in solidarity with the affected families and the entire community of Shirgaon.”

He further added, “We urge Chief Minister Dr Pramod Sawant to ensure that all necessary medical and financial assistance is provided immediately to the families of the deceased and injured. We also request the State Government to extend full cooperation to the Devasthan Committee to ensure safe and smooth conduct of the remaining four days of the Lerai Yatra during which lakhs of devotees visit Shirgaon to receive the holy Kaul of the Goddess. It is imperative that adequate security, crowd management and emergency response measures are put in place to prevent any mishap during the ongoing celebrations. The GPCC reiterates its commitment to the well-being and safety of the people of Goa and extends full support to any initiative aimed at preserving the sanctity and cultural significance of the Lerai Jatra.” Goa AICC in-charge Manikrao Thackeray wrote on social media platform X, “I am saddened by the news of stampede during the religious pilgrimage of Shri Lerai Devi in ​​Goa. According to reports, at least 7 people have died and 30 others have been injured in this accident. Goa in-charge Manikrao Thackeray has immediately left for Goa from Delhi. He will meet the injured devotees at the Medical College and get complete information about the incident.” Goa Congress also expressed grief and wrote on ‘X’, “Goa Congress is deeply saddened by the stampede at the Jatrotsav of Shri Lerai Devi Shirgaon. We express our heartfelt condolences to the families who lost their loved ones in this tragic incident. Wishing speedy recovery to all the injured.” Congress MP Rahul Gandhi also expressed grief and wrote, “The news of the death of many devotees and injuries in a stampede during the annual pilgrimage to the Lerai Devi temple in Shirgaon, Goa is very sad. I express my deepest condolences to all the bereaved families. Also, I hope for the speedy recovery of all the injured.”

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