Daijiworld Media Network – Bengaluru

Bengaluru, Dec 20: The Enforcement Directorate (ED), Bengaluru zonal office, has provisionally attached four immovable properties worth around Rs 8.07 crore belonging to former minister B Nagendra under the Prevention of Money Laundering Act (PMLA), 2002, in a case involving alleged misappropriation and diversion of funds from the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation (KMVSTDCL).

“The seized assets include residential and commercial land and buildings,” the ED said in an official release on Friday.

The investigation was launched based on multiple FIRs filed by the Karnataka Police and the Bank Securities & Fraud Branch (BS&FB) of the CBI, Bengaluru, concerning offences linked to fund diversion from KMVSTDCL.

According to the agency, search operations were earlier carried out under PMLA provisions at various locations across Karnataka and other states. During the probe, six persons, including Nagendra, were arrested. Thereafter, a p rosecution complaint was filed on September 9, 2024, before the principal city civil and sessions judge, Bengaluru, against 25 accused persons and entities, including Nagendra. The court took cognisance of the complaint on October 5 last year.

The ED further stated that PAO No. 22/2025 dated August 26, 2025, under Section 5(1) of PMLA, had earlier resulted in the provisional attachment of movable and immovable assets of other accused worth Rs 4.94 crore.

“All out efforts were made to trace the proceeds of crime (POC) generated by Nagendra. However, the remaining POC could not be located and appears to have either been exhausted or concealed by him. Therefore, the ED is compelled to attach equivalent value of POC in the form of these properties, worth around ?8.07 crore, which otherwise may frustrate further proceedings under the PMLA,” the agency added.