The Enforcement Directorate has provisionally attached assets worth Rs 18.32 crore in the Bengaluru money laundering case.
The scope of investigation into the alleged money laundering case linked to a cooperative society in Bengaluru is expanding, with action taken against immovable properties. This step has been taken under the provisional attachment order dated 20.08.2026 and is related to the investigation of alleged misuse of funds associated with Sirivaibhava Souhardha Pattina Sahakari Niyamitha.
Highlights
- The Enforcement Directorate provisionally attached immovable properties worth Rs 18.32 crore on 20.08.2026 under the Prevention of Money Laundering Act, 2002.
- Public deposits of the cooperative society were allegedly invested by Rajesh V.R., Mrs. Nagavalli B.S., and their associates in properties and business activities through unsecured loans.
- Earlier, assets worth Rs 16.95 crore were attached on 12.02.2026, and a prosecution complaint was filed on 26.03.2026.
This article was translated from the original. Read the original version by our correspondent here.
Attachment Order and Basis of Investigation
As stated by the Enforcement Directorate, the Bengaluru unit issued a provisional attachment order on 20.08.2026 under Section 5(1) of the Prevention of Money Laundering Act, 2002. Under this, immovable properties worth Rs 18.32 crore linked to Rajesh V.R., Mrs. Nagavalli B.S., and their associates, including residential plots and flats, have been attached.The investigation began based on an FIR registered at Subramanyapura Police Station in Bengaluru. The PMLA probe revealed that public deposits collected by the cooperative society were allegedly diverted through unsecured and irregular loans to persons and entities linked to Rajesh V.R. and Mrs. Nagavalli B.S.
Previous Actions and Regional Impact
The investigating agency states that the allegedly diverted funds were later used to purchase immovable properties and for business activities. Earlier, assets worth Rs 16.95 crore had already been attached under a provisional attachment order dated 12.02.2026, and a prosecution complaint was filed on 26.03.2026.During further investigation, additional immovable properties worth Rs 18.32 crore were identified, which are believed to have been acquired directly or indirectly from proceeds of crime. The investigation in the case is ongoing, and this action highlights the increasing scrutiny on the use of cooperative society funds and regulatory compliance in the Bengaluru region.
In our previous report on the Dahod fake government office scam, the Enforcement Directorate had provisionally attached movable and immovable assets worth Rs 22.70 crore under PMLA. That article detailed how government funds were allegedly routed through a network of fake documents and bank accounts and later used for property/investments, while the investigation was ongoing.
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