Bengaluru: The Bengaluru Zonal Office of the Enforcement Directorate (ED) has provisionally attached immovable properties worth approximately ₹8.07 crore belonging to former Karnataka Minister B. Nagendra under the Prevention of Money Laundering Act (PMLA), 2002. This action was taken in connection with a case related to alleged misappropriation and embezzlement of funds belonging to the Karnataka Maharishi Valmiki Scheduled Tribes Development Corporation (KMVSTDCL).
Four Immovable Properties Taken Possession by ED
According to the ED, the attached properties include four immovable properties, including residential and commercial land and buildings. These properties were allegedly found to be linked to proceeds of crime, following which they were provisionally attached.
Investigation into embezzlement and diversion of KMVSTDCL funds
The investigating agency stated that during the investigation, it was revealed that KMVSTDCL funds were misused and diverted on a large scale. This amount was earmarked for the welfare and development of Scheduled Tribes, but was allegedly used for other purposes contrary to rules.
Total attachment reaches ₹13.01 crore
The ED stated that with the latest action, properties worth ₹13.01 crore have been attached in this case so far. The agency also clarified that the investigation is ongoing and that additional properties may be identified and attached in the future.