ED attaches ₹8.07 crore assets of former Minister Nagendra in Valmiki corporation case

The Directorate of Enforcement (ED) has provisionally attached four immovable properties worth ₹8.07 crore belonging to former Minister B. Nagendra in connection with the case of misappropriation of funds at the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation (KMVSTDCL).

According to the ED, the attached assets, done under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, include residential and commercial land and buildings.

The ED initiated an investigation based on multiple FIRs filed by the Karnataka Police and the Central Bureau of Investigation regarding misuse of funds from KMVSTDCL. The Central agency had earlier conducted search operations at Mr. Nagendra’s house and properties.

It took up a case against 25 accused persons and entities and had earlier arrested the former Minister. The agency further noted that it had earlier issued a provisional attachment order through which movable and immovable properties worth about ₹4.94 crore belonging to other accused persons were attached.

The agency claimed that it was unable to trace the remaining proceeds of crime allegedly generated by Mr. Nagendra. The ED stated that the untraced proceeds appear to have been either “exhausted” or “concealed”.

Hence, it was forced to attach properties of equivalent value. Accordingly, four immovable properties owned by Mr. Nagendra have been provisionally attached as the equivalent value of the proceeds of crime.