Police seize cash, gold, luxury cars in Rs 70-crore EPFO staff society scam

BENGALURU: Cubbon Park police raided multiple locations in connection with the alleged Rs 70-crore scam at the Employees Provident Fund Organisation (EPFO) Staff Credit Cooperative Society Limited. Meanwhile, police custody of the two accused has been extended till November 10. A senior police officer said searches were conducted at the residences of the accused persons and at the society office near Richmond Circle. During the raids, police seized half of the gold ornaments, cash, documents and investment papers., 7 branded cars and two-wheelers. It is also learnt that the misappropriated funds were diverted to multiple accounts and invested in gold, property. The accused are alleged to have created fake records, forged documents and manipulated financial statements to cover up the embezzlement. The officer added that the two accused, G Gopinath, CEO of the society, and Lakshmi Jagadish, wife of former accountant BL Jagadish whose police custody ended on Wednesday, were produced before court, which remanded them in police custody till November 10. A manhunt was launched to trace the other absconding accused. It may be recalled that the scam came to light after more than 300 depositors failed to receive payments for three months. An internal probe by the depositors revealed that around Rs 70 crore had been siphoned off from their accounts.