Bengaluru: The Enforcement Directorate (ED), Bengaluru Zonal Office, has provisionally attached four immovable properties worth around ₹8.07 crore belonging to former minister and MLA B Nagendra. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002, in connection with alleged misappropriation and diversion of funds from the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation (KMVSTDCL).
Details of Assets and Investigation
According to an official ED statement, “The seized assets include residential and commercial land and buildings.” The investigation was initiated following multiple FIRs registered by Karnataka Police and the Bank Securities & Fraud Branch (BS&FB), CBI, Bengaluru, related to offences involving the misuse or diversion of KMVSTDCL funds.
The agency stated that earlier search operations were conducted across Karnataka and other states under PMLA provisions, leading to the arrest of six individuals, including Nagendra. Subsequently, a Prosecution Complaint was filed on September 9, 2024, before the Principal City Civil and Sessions Judge, Bengaluru, against 25 accused persons/entities, including Nagendra. The court took cognizance on October 5, 2024.
Proceeds of Crime and Asset Attachment
ED added, “Earlier, PAO number 22/2025 dated August 26, 2025, under Section 5(1) of PMLA, had provisionally attached movable and immovable properties of other accused worth ₹4.94 crore. Despite extensive efforts to trace the Proceeds of Crime (POC) generated by Nagendra, the remaining POC could not be located and appears to have been exhausted or concealed. Therefore, ED is attaching equivalent value in the form of properties worth approximately ₹8.07 crore to prevent frustration of further proceedings under PMLA.”
