CRIME

ED attaches assets totaling to Rs.1.30 Crores in the case of siphoning off funds

Directorate of Enforcement (ED) has issued a Provisional Attachment Order under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) attaching assets totalling to Rs. 1.30 crores in a case related to siphoning off the funds of Karnataka State Handicraft Development Corporation Limited (KSHDCL). The attached immovable assets are in the form of Land & building which are in the name of B.Y. Srinivas, former SeniorManager, Vijaya Bank, Bengaluru and movable assets in the form of balance lying in bank accounts in the name of. HS Nagalingaswamy, B.Y. Srinivas, Ashwin Tours & Travels and M/s. 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 Shri G.CKishor Kumar, General Manager, KSHDCL and others for siphoning off the funds of KSHDCL, a State Govt.of Karnataka undertaking.
Investigation under PMLA revealed that HS Nagalingaswamy and his associates generated proceeds of crime to the extent of Rs. 16.67 crores between 17.12.2016 to 17.10.2018 by transferring to a fake bank account with State Bank of India, Bangalore .City Branch, in the name of “Managing Director, KSHDCL”, by using forged documents.
Investigation also revealed that the amounts were moved out of the bank accounts of KSHDCL with Vijay Bank to the fraudulent bank account held with SBI. The amount was further diverted into the bank accounts of certain entities viz. M/s. Fralk Infotainment, M/s PNP Enterprises and bank account in the name of one D. Narasaiah and from
where the same was withdrawn and utilized by the said H.S.Nagalingaswamy and their associates for their benefits.
Further investigation is in progress.

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