Karnataka: ED attaches Rs 84 crore in Kanva groups scam | Bengaluru News – Times of India


BENGALURU: The Enforcement Directorate (ED) on Saturday has issued a provision attachment order worth Rs 84.40 crore belonging to N Nanjundaiah, director of Kanva Groups of companies and others in an alleged Rs 650-crore scam.
The ED said, the immovable assets have been attached under Prevention of Money Laundering Act, 2002 (PMLA) belonging to N Najundaiah and his family members and related entities, Harish S, founder director and president of Sree Kanva Souharda Co-Operative Credit Limited.
These assets are situated at Nelamangala, Koratagere, Chikkabalapura, Srirangapatna and Bengaluru in Karnataka and at Madakasira in Andhra Pradesh.
ED initiated investigation based on complaints received from the office of the Registrar 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.
That the said entity has advanced loans out of deposits, working capitals, shares reserves etc without getting any security and not following existing rules and regulations.
It has not maintained any proper accounts.
According to ED, the searches have been conducted in the premises of N Nanjundaiah and other directors of the Sree Kanva Souharda Co-operative Credit Limited and Kanva group of companies and incriminating documents were seized.
N Nanjundaiah was arrested in August last year and he is still in judicial custody.
SKSCCL collected the amounts through unauthorized collection centers and collection agents from more than 13,000 gullible investors by luring them to pay a higher rate of interest (from 12 to 15 %) but cheated them by not paying promised interest and not returning the principal amount even after the maturity.
The collected money was embezzled and transferred to various accounts of Kanva group of companies and entities.
From the siphoned money they had acquired then immovable and movable properties in their name and in the name of their family members and entities owned by them.
Previously, assets (movable and immovable properties) to the tune of Rs 255.17 crore including accrued interest on the amount have been provisionally attached under PMLA; in total, provisionally attached assets in the case are Rs 339.57 crore, said ED.
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Sagar Biswas

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