Karnataka Bhovi Development Corporation scam: Enforcement Directorate attaches properties worth Rs 26 crore
Bengaluru: The
Enforcement Directorate
(ED), probing the alleged multi-crore scam at Karnataka Bhovi Development Corporation (KBDC), has attached immovable properties worth Rs 26 crore seized from corporation's former general manager BK Nagarajappa and former managing director R Leelavathy.
Both were arrested earlier by ED under the Prevention of Money Laundering Act. At present, both are in judicial custody at Bengaluru Central Prison.
"Investigations revealed thatNagarajappa and Leelavathy, in connivance with middlemen and their associates, misappropriated funds from KBDC by sanctioning loans, subsidies, and financial assistance to the bank accounts of more than 750 fake beneficiaries, which were fraudulently opened by them.
Later, the amounts 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 Nagarajappa and others.
.. The money misappropriated from KBDC was mainly used to maintain their luxurious lifestyle and to acquire immovable and movable properties in their name and in the name of their family members," ED stated in a release.
A special investigation team of CID is also probing the same case.
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