ED attaches assets worth Rs 26.27 crore in Karnataka Bhovi Development Corporation scam
Bengaluru (Karnataka) [India], May 26 (ANI): The Directorate of Enforcement (ED), Bengaluru Zonal Office has provisionally attached immovable properties worth approximately Rs 26.27 crore (with a current market value of Rs 40 crore) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the agency said in a statement on Monday.
According to the ED statement, the assets belong to B K Nagarajappa, R Leelavathy, and other accused in a case related to the misappropriation of funds from the Karnataka Bhovi Development Corporation (KBDC).
https://x.com/dir_ed/status/1926935019798352374
'ED, Bengaluru Zonal Office has provisionally attached various immovable properties worth Rs. 26.27 Crore (approx.), (with current market value of Rs. 40 Crore) belonging to B K Nagarajappa, Ms. R Leelavathy and other accused, under the provisions of PMLA, 2002, in a case related to misappropriation of funds from Karnataka Bhovi Development Corporation (KBDC),' the ED said in a post on X.
ED investigation revealed that B K Nagarajappa, the then General Manager, KBDC and R Leelvathy, the then Managing Director, KBDC in connivance with middlemen and their associates, have misappropriated the funds from KBDC by sanctioning the loans/ subsidies/ financial assistance to the bank accounts of more than 750 fake beneficiaries, which were fraudulently opened by them, it said.
Later, the amounts so sanctioned from KBDC were diverted to the bank accounts of various entities viz. Adithya Enterprises, Somanatheswara Enterprises, New Dreams Enterprises, Harntiha Creations, Annika Enterprises, controlled by B K Nagarajappa and others, which was used in the purchase of properties, making payments to middlemen, and further diverted to bank accounts of individuals and various other entities, the agency said.
The money misappropriated from KBDC was mainly used to maintain their luxurious lifestyle and to acquire immovable and movable properties in their name, in the name of their family members. Earlier, the then General Manager of KBDC B K Nagarajappa and the then Managing Director of KBDC R Leelavathy were arrested u/s 19 of PMLA 2002 by the ED on April 05, 2025 and April 12, 2025 respectively and are currently under judicial custody, the ED said.
Further investigation is under progress, it added. (ANI)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
17 minutes ago
- India.com
Meet World's Richest Dog: Travels In Private Jet, Has 27 Employees, Bought Mansion From Madonna—His Net Worth Will Blow Your Mind
photoDetails english 2913466 Updated:Jun 09, 2025, 08:37 PM IST Meet Gunther VI, the World's Richest Dog 1 / 8 This German Shepherd named Gunther VI is wealthier than most billionaires' pets. With a jaw-dropping net worth of 400 million dollars (Rs 3,356 crore), Gunther lives a life of extraordinary luxury — from private jets to personal staff, he's no ordinary pooch. It All Started With a Countess's Will in 1992 2 / 8 Gunther's rise to riches began when Countess Karlotta Liebenstein, a German millionaire, left her entire $80 million estate to her dog, Gunther III, after her son died without heirs. Her will stipulated that the fortune must benefit the dog and his future lineage — setting the stage for an animal empire. Fortune Grew From $80M to $400M 3 / 8 As per media reports, The responsibility to manage Gunther's wealth was handed to Maurizio Mian, a family friend and entrepreneur. Over the years, strategic investments in real estate, stocks, and businesses helped multiply the wealth fivefold. Today, Gunther VI, the great-grandson of the original heir, enjoys the compounded riches. Bought a Mansion from Madonna 4 / 8 Gunther's fortune includes a 7.5 million dollars mansion in Miami, once owned by pop icon Madonna. Purchased under the dog's name, the mansion was sold later for a hefty profit of 29 million dollars, showing that Gunther's real estate portfolio is managed with business-like precision. Jet-Setting Dog With Global Lifestyle 5 / 8 Gunther doesn't just stay in one place — he travels across Europe and the U.S., flying in private jets and staying at exclusive villas and luxury hotels. His social media-worthy lifestyle includes visits to beaches, ski resorts, and yachts, making him one of the most well-traveled dogs in the world. 27 Employees Work for Him – Yes, Really 6 / 8 Gunther's empire runs like a corporation. According to multiple reports, he employs 27 full-time staff—including trainers, chefs, housekeepers, chauffeurs, and publicists. Every aspect of his life is handled by professionals, ensuring he lives like true royalty. Netflix Documentary Reveals His Crazy Life 7 / 8 Gunther's lavish and mysterious life caught the attention of Netflix, which released a docuseries titled "Gunther's Millions". The show dives into the eccentric lifestyle, financial dealings, and controversies surrounding the dog's estate — turning his story into a global media sensation. More Than a Dog 8 / 8 Gunther VI isn't just the world's richest dog—he's also a symbol of how money, trust, and legacy can be passed down in unexpected ways. With a wealth empire built on a will, smart investments, and meticulous management, Gunther's story shows that even a dog can outlive and out-earn many millionaires.
Time of India
18 minutes ago
- Time of India
Rudra Global plans to set up 30-mw renewable energy projects in Gujarat
Steel maker Rudra Global Infra is looking to set up 30-megawatt renewable energy projects in Gujarat, mainly for captive usage. The company is also in the process of setting up a 3.3-megawatt wind energy project at a cost of over Rs 32 crore, Rudra Global Infra said in an exchange filing. "The company has received the Bank Sanction Letter, approving approximately 75 per cent of the funding for the 3.3 MW wind power project," it added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Was The Dream Girl In The 80s, This Is Her Recently Learn More Undo In addition to wind energy, the company is also actively planning to undertake solar power projects and/or other equivalent renewable energy projects totalling 25-30 MW, the company said. The total project cost of the project being set up in Gujarat is Rs 32.28 crore. Live Events The installation of the 3.3 MW wind turbine is progressing as planned and is expected to be operational by December 2025. It is projected to generate approximately 1.1 crore units of power annually. This will be the fourth wind turbine installed by the company, enhancing its total renewable energy capacity to 8 MW, capable of producing approximately 1.7 crore units per annum. The company further said it remains fully committed to maximising the use of renewable energy sources. Rudra Global Infra Products Ltd, earlier known as MDICL, manufactures thermo-mechanically treated bars and mild steel (MS) billets.
Time of India
19 minutes ago
- Time of India
Life insurance industry's new business premiums up 13% in May 2025
The life insurance industry recorded nearly 13% year-on-year rise in new business premiums (NBP) in May 2025 to Rs 30,463 crore, up from Rs27,034 crore a year earlier, according to data released by the Life Insurance Council . The month saw a 10.4% fall in the number of life insurance policies sold by the companies as the industry continued to navigate the new surrender value guidelines that kicked in October last year. The growth was primarily driven by the private sector insurer, which reported a 16.6% increase in NBP to Rs12,058 crore. State-run Life Insurance Corporation ( LIC ) posted 10.3% increase to Rs18,405 crore, the data showed. Among listed private players, HDFC Life reported a 33% jump in premiums to Rs3,022 crore, while SBI Life 's total premiums grew over 25% to Rs2,950 crore. ICICI Prudential Life reported a near 7% growth to Rs1,407 crore. 'Typically, the first quarter is a weak season for the life insurance segment as it immediately comes after the fiscal end, where most retail customers rush to buy policies. In May, the YoY growth has come down compared to 15.1% in the same month a year ago mainly because of the impact of revised surrender value guidelines,' said Saurabh Bhalerao Associate Director – BFSI Research, CARE Ratings . In May, the overall industry growth was led by group business, whereas individual business reported a muted number. The growth was led by group single premium, which grew 13% YoY to Rs18,068 crore. The month also saw a fall in volume of policies sold. The fall in the individual non-single segment, which is the regular premium paid by retail customers, was at over 10% with LIC and private life insurers reporting a fall of 14% and 2%, respectively. However, despite the fall in volume in individual non-single premium segments, private insurers reported a premium growth, indicating that they have moved to higher value policies amid changes in surrender value regulations, Bhalerao said. The Life Insurance Council data shows that LIC's individual non-single premium income fell to Rs2,060 crore in May compared to 2,236 crore in the same month a year ago. Meanwhile, the premium income in the same segment for private life insurers stood at 5,025 crore compared to Rs4,681 crore a year ago. Economic Times WhatsApp channel )
