The Enforcement Directorate (ED) has attached assets worth Rs 1.3 crore of a senior manager of Vijaya Bank in a money laundering case relating to siphoning of funds of Karnataka State Handicraft Development Corporation Ltd.
The attached immovable assets are in the form of land and building which are in the name of BY Srinivas, former Senior Manager, Vijaya Bank, Bengaluru and movable assets in the form of balance lying in bank accounts in the name of. HS Nagalingaswamy, BY Srinivas, Ashwin Tours & Travels and PNP Enterprises.
Investigation under the provisions of the PMLA was initiated on the basis of an FIR registered at Ashoknagar Police Station, Bengaluru City against GC Kishor Kumar, General Manager, KSHDCL and others for siphoning off the funds of KSHDCL, a State Government of Karnataka undertaking.
Investigation under PMLA revealed that HS Nagalingaswamy and his associates generated proceeds of crime to the extent of Rs 16.67 crore.