The Enforcement Directorate (ED), Bengaluru, has provisionally attached immovable properties worth Rs 18.32 crore in connection with its money laundering investigation into Sirivaibhava Souhardha Pattina Sahakari Niyamitha, Bengaluru, putting the spotlight on alleged irregular lending and diversion of cooperative members’ deposits.
The attachment order was issued under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002, against properties linked to Rajesh V.R., Smt. Nagavalli B.S. and their associates.
According to the ED, its investigation, based on an FIR registered at Subramanyapura Police Station, found that public deposits collected by the cooperative society were allegedly diverted through unsecured and irregular loans to entities and individuals associated with the accused.
The allegedly diverted funds were subsequently used to acquire immovable properties and for business activities, the agency said.
The ED had earlier provisionally attached properties valued at Rs 16.95 crore in February 2026 and filed a prosecution complaint on March 26, 2026. With the latest action, additional properties allegedly linked to proceeds of crime have been attached.
Further investigation is underway.
