The Directorate of Enforcement (ED), Bengaluru Zonal Office, has provisionally attached 11 immovable properties worth Rs 16.95 crore linked to the president and CEO of Srivaibhava Souharda Pattina Sahakari Niyamitha Cooperative Society.
The properties, including land, plots and buildings in Ramanagara, Mysuru and Bengaluru, were allegedly purchased using funds generated through criminal activities. The action follows an FIR registered by Subramanyapura police against society president B.S. Nagavalli and CEO Rajesh V.R.
The case stems from a complaint alleging that loans were sanctioned to entities owned by the duo without proper surety and were not repaid, causing losses to depositors. The ED is investigating the matter under provisions of the Prevention of Money Laundering Act.