ED Freezes Assets Worth Rs 300 Crore in MUDA Case Linked to Karnataka CM Siddaramaiah
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Synopsis
The ED has provisionally attached 142 properties valued at Rs. 300 crore linked to Karnataka CM Siddaramaiah under the PMLA, amid allegations of corruption and misuse of political influence.
Key Takeaways
- ED attached 142 properties worth Rs. 300 crore.
- Investigation linked to Karnataka CM Siddaramaiah.
- Allegations of illegal land compensation practices.
- B.M. Parvathi, Siddaramaiah's wife, involved in the case.
- Evidence of bribes and money laundering discovered.
New Delhi, Jan 17 (NationPress) The Enforcement Directorate (ED), Bangalore Zonal Office, has provisionally attached 142 immovable properties valued at approximately Rs. 300 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with an ongoing investigation involving Karnataka Chief Minister Siddaramaiah and others.
These properties are registered in the names of various individuals engaged in real estate businesses and agencies. Reports suggest that the seized properties were allocated to Siddaramaiah's wife, B.M. Parvathi.
The ED initiated the investigation following an FIR filed by the Lokayuktha Police in Mysore under various sections of the IPC (1860) and the Prevention of Corruption Act (1988) against Siddaramaiah and others.
Allegations indicate that Siddaramaiah utilized his political influence to secure compensation for 14 plots of land in his wife's name, B.M. Parvathi, in exchange for 3 acres and 16 guntas of land acquired by MUDA.
The land was originally purchased for Rs. 3,24,700, while the 14 compensation sites in a prime locality are valued at approximately Rs. 56 crore.
The investigation has also revealed the involvement of former MUDA commissioner D.B. Natesh, believed to have played a significant role in the unlawful allotment of these compensation sites to B.M. Parvathi.
Further searches uncovered that MUDA had unlawfully allocated numerous other sites as compensation to real estate businessmen, who later sold these sites at substantial profits, generating large amounts of unaccounted cash. This illicit profit was laundered and presented as legitimate income.
The searches identified sites allocated to benami or dummy persons acting on behalf of influential individuals and real estate businessmen.
Incriminating evidence has been recovered, indicating illegal bribes paid to the then MUDA Chairman and Commissioner in the form of property, MUDA sites, and cash. This illegal gratification was subsequently laundered and concealed as legitimate funds.
The investigation also uncovered that money was funneled through a cooperative society for purchasing properties and luxury vehicles in the names of relatives of G.T. Dinesh Kumar, the former MUDA commissioner.
The investigation is ongoing.
