Bengaluru, July 17 -- The Enforcement Directorate (ED) on Wednesday launched searches at more than 15 locations in and around Bengaluru in connection with a multi-crore cheating case involving three cooperative banks -- Shushruti Souhardha Bank, Shruthi Souharda Bank, and Shree Lakshmi Souharda Bank.

The searches are being carried out at the premises linked to the banks' promoters, and his family members, officials privy to the development, told ANI.

The action follows allegations of cheating over Rs 100 crore from more than 15,000 depositors, said the officials.

According to officials, the accused lured depositors with promises of unusually high interest returns, thereby attracting large sums of money under false pretences.

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