ED Seizes ₹8 Crore Property Of Former Karnataka Minister B Nagendra In Money Laundering Case
The Enforcement Directorate has confiscated properties worth over ₹8 crore belonging to former Karnataka minister B Nagendra, linked to illegal money transfers from Valmiki Development Corporation. Despite arresting Nagendra for the ₹100 crore scam, the laundered money remains untraced. The assets were seized under the Prevention of Money Laundering Act.
ED Seizes ₹8 Crore Property Of Former Karnataka Minister B Nagendra In Money Laundering Case | File Pic
Bengaluru: The Enforcement Directorate, which is investigating illegal money transfer from Valmiki Development Corporation in Karnataka by the then minister B Nagendra has confiscated property worth over ₹8 crore belonging to the former minister.
The confiscated property included four residential plots, one commercial property and a building and the confiscation had been carried out under PMLA.
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In a release, the ED has stated that they could not trace the money laundered from the Valmiki Development Corporation account. ``The accused might have hidden it or have spent it. That is the reason behind confiscating his assets worth around the same value.''
The ED had arrested Nagendra after over ₹ 100 crore was illegally transferred from Valmiki Development Corporation and he is out on the bail now.
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