The properties, provisionally attached under sections of the Prevention of Money Laundering Act (PMLA), include agricultural and non-agricultural land, buildings, residential flats and factories. The Enforcement Directorate has attached assets worth over \u20b9 84 crore in a money laundering probe linked to an alleged funds embezzlement case against a Karnataka-based cooperative society and its promoters, the central agency said Saturday. The properties, provisionally attached under sections of the Prevention of Money Laundering Act (PMLA), include agricultural and non-agricultural land, buildings, residential flats and factories.\u00a0 These assets are in the names of N Nanjundaiah, the director of Kanva Group of companies, his family members, some related entities and Harish S, the founder director and president of Sree Kanva Souhardha Co-Operative Credit Limited (SKSCCL).\u00a0 The assets, worth a total \u20b9 84.40 crore, are located at Nelamangala, Koratagere, Chikkabalapur, Srirangapatana and Bengaluru in Karnataka and at Madakasira, Anantpur district in Andhra Pradesh, the ED said in a statement.\u00a0 Nanjundaiah was arrested from Bengaluru by the agency in this case in August last year. He is in judicial custody at present.The properties, provisionally attached under sections of the Prevention of Money Laundering Act (PMLA), include agricultural and non-agricultural land, buildings, residential flats and factories. The Enforcement Directorate has attached assets worth over \u20b9 84 crore in a money laundering probe linked to an alleged funds embezzlement case against a Karnataka-based cooperative society and its promoters, the central agency said Saturday. The properties, provisionally attached under sections of the Prevention of Money Laundering Act (PMLA), include agricultural and non-agricultural land, buildings, residential flats and factories.\u00a0 These assets are in the names of N Nanjundaiah, the director of Kanva Group of companies, his family members, some related entities and Harish S, the founder director and president of Sree Kanva Souhardha Co-Operative Credit Limited (SKSCCL).\u00a0 The assets, worth a total \u20b9 84.40 crore, are located at Nelamangala, Koratagere, Chikkabalapur, Srirangapatana and Bengaluru in Karnataka and at Madakasira, Anantpur district in Andhra Pradesh, the ED said in a statement.\u00a0 Nanjundaiah was arrested from Bengaluru by the agency in this case in August last year. He is in judicial custody at present.August last year. He is in judicial custody at present.\u00a0 A chargesheet was subsequently filed by the ED before a special PMLA court in Bengaluru.\u00a0 The ED case, under criminal sections of the PMLA, was filed after studying at least 3 FIRs filed by the Bengaluru Police and a complaint made by the Registrar of cooperative societies against Nanjundaiah and others.\u00a0 It was alleged that the accused society and its promoters “collected \u20b9 650 crore deposits from the members of public, assuring high rate of interest through commission agents, without maintaining required liquidity”.\u00a0 “SKSCCL collected the amounts, through unauthorised collection centers and agents, from more than 1,3000 gullible investors by luring them to pay higher rate of interest (ranging from 12-15 per cent) but cheated them by not paying promised interest and not returning the principal amount even after the maturity,” the ED alleged.\u00a0 The money collected was “embezzled” and transferred to various accounts of Kanva group of companies and entities, in the accounts of the accused directors and their family members and some others related to SKSCCL.\u00a0 The agency had earlier said that “Nanjundaiah is the mastermind of the fraud that took place in the said society and had diverted more than \u20b9 180 crore funds to Kanva group of companies”.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
The properties, provisionally attached under sections of the Prevention of Money Laundering Act (PMLA), include agricultural and non-agricultural land, buildings, residential flats and factories. The Enforcement Directorate has attached assets worth over \u20b9 84 crore in a money laundering probe linked to an alleged funds embezzlement case against a Karnataka-based cooperative society and its promoters, the central agency said Saturday. The properties, provisionally attached under sections of the Prevention of Money Laundering Act (PMLA), include agricultural and non-agricultural land, buildings, residential flats and factories.\u00a0 These assets are in the names…<\/p>\n","protected":false},"author":1,"featured_media":29574,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[26,4],"tags":[],"_links":{"self":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/29572"}],"collection":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29572"}],"version-history":[{"count":1,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/29572\/revisions"}],"predecessor-version":[{"id":29575,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/29572\/revisions\/29575"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/media\/29574"}],"wp:attachment":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}