Pramesh S Jain
The Enforcement Directorate (ED),Bengaluru Zonal Office,has provisionally attached four immovable properties worth approximately Rs.8.07 crore belonging to former minister B Nagendra under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to an official press release,the attachment is linked to a case involving the misappropriation and diversion of funds from the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation (KMVSTDCL).
The ED initiated its investigation based on multiple FIRs registered by the Karnataka Police and the Banking Securities and Fraud Branch (BS&FB) of the CBI, Bengaluru,in connection with the alleged misuse of corporation funds.
Search operations under the PMLA were conducted at several locations across Karnataka and other states.
The agency stated that six persons,including B Nagendra,were arrested during the course of the investigation.
Subsequently,a Prosecution Complaint was filed before the Principal City Civil and Sessions Court,Bengaluru, on September 9,2024,against 25 accused individuals and entities, including the former minister.The court took cognisance of the case on October.
The ED had issued Provisional Attachment Order of the PMLA,attaching movable and immovable properties worth Rs.4.94 crore belonging to other accused in the case.
The agency said that despite sustained efforts,the remaining Proceeds of Crime (PoC) allegedly generated by B Nagendra could not be traced and appeared to have been either exhausted or concealed.
As a result,the ED attached properties of equivalent value to prevent frustration of further proceedings under the PMLA.
“In view of this,four immovable properties worth Rs.8.07 crore belonging to B Nagendra have been attached as equivalent value of the Proceeds of Crime,”the ED stated.
Further investigation in the case is under progress.
