The Enforcement Directorate (ED) has attached immovable assets (agricultural and non-agricultural land, buildings, residential flat and factories) worth Rs 84.40 crore held by Kanva Group of companies) and related entities besides those of Founder Director and President of Bengaluru-based Sree Kanva Souhardha Co-Operative Credit Limited (SKSCCL), Harish S.
The accused individuals and the entities had collected Rs 650 crore from the public and total attachments in the case is about Rs 340 crore.
The attached assets are situated at Nelamangala, Koratagere, Chikkabalapura, Srirangapatana and Bengaluru in Karnataka and at Madakasira in Andhra Pradesh.
The ED initiated investigation on the basis of a complaint received from the Office of the Registrar of Cooperative Societies, Bengaluru and various registered FIRs wherein it was alleged that the entity has collected Rs 650 crore deposits from the members of public, assuring high rate of interest through commission agents, without maintaining required liquidity.
