India, April 10 -- The Enforcement Directorate (ED) on Wednesday arrested R M Manjunatha Gowda, former chairman of a Karnataka-based cooperative bank, in connection with alleged financial irregularities amounting to Rs.63 crore at one of its branches.

According to news agency PTI, Gowda was taken into custody under provisions of the Prevention of Money Laundering Act (PMLA) and produced before a special court in Bengaluru. The court remanded him to ED custody for 14 days, the agency said in an official statement.

The arrest follows a series of raids conducted by the ED on Tuesday across locations in Bengaluru and Shivamogga districts. These raids were part of an ongoing investigation into suspected financial misconduct at the Shimoga Di...