New Indian Express quotes ED saying it has attached assets worth Rs 255.17 crore of MD of Sree Kanva Souhardha Cooperative Credit Limited (SKSCCL) and his other companies under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), in a case related to misappropriation of investors’ money.
The attached assets are in the form of immovable properties like agricultural and non-agricultural land, buildings and resorts, and movable properties in the form of bank balances in the name of the MD and his relatives.
“The ED has acted on the complaint registered by the Registrar of Cooperative Societies, Bengaluru.
Inquiry showed that MD Nanjundaiah made Rs 650 crore through unauthorized collection centres and agents from thousands of investors promising them a whopping 12-15 per cent rate of interest.