Pramesh S Jain
The Directorate of Enforcement (ED),Bengaluru,has provisionally attached immovable properties worth Rs.18.32 crore belonging to or associated with Rajesh V.R.,Nagavalli B.S.and their associates in connection with its money-laundering investigation into the Sirivaibhava Souhardha Pattina Sahakari Niyamitha, Bengaluru.
The attachment was made through a Provisional Attachment Order dated August 20, 2026,under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002.
The ED launched its investigation based on an FIR registered at Subramanyapura Police Station,Bengaluru.
According to the ED investigation,public deposits collected by the cooperative society were allegedly diverted by sanctioning unsecured and irregular loans to entities and individuals linked to Rajesh V.R.and Nagavalli B.S.
The diverted funds were subsequently allegedly used to acquire immovable properties and for business activities.
The ED had earlier provisionally attached properties valued at Rs.16.95 crore through an attachment order dated February 12,2026.
The agency also filed a Prosecution Complaint on March 26,2026.
During further investigation,the ED identified additional residential plots and flats valued at Rs.18.32 crore, allegedly acquired directly or indirectly from the proceeds of crime.These properties have now been provisionally attached.
The ED said that its investigation is continuing.
