Bengaluru: Sleuths from the Enforcement Directorate‘s Bengaluru zonal office Saturday attached properties worth around Rs 16 crore belonging to Rajesh VR and his wife, Nagavalli BS, who serve as the chief executive officer and president, respectively, of Srivaibhava Souharda Pattina Sahakari Niyamitha.The case dates back to June 2022, when the managing director of State Souharda Federal Cooperative Ltd lodged a complaint with Subramanyapura police against the board members of Srivaibhava Souharda Pattina Sahakari Niyamitha. The complaint alleged that the board members cheated investors by sanctioning loans to entities headed by the couple without obtaining proper securities. The entities subsequently defaulted on repayment of the loans.
“It was found that Rajesh and Nagavalli diverted public deposits amounting to Rs 65 crore, thereby generating proceeds of crime. A significant portion of these funds was routed through their personal bank accounts as well as through accounts of fictitious entities allegedly created by them for the purpose of money laundering. The attached properties include land, plots and buildings in Ramanagara, Mysuru and Bengaluru” the ED stated.
