The Enforcement Directorate, which is investigating illegal money transfer from Valmiki Development Corporation in Karnataka by the then minister B Nagendra has confiscated property worth over ₹8 crore belonging to the former minister.
The confiscated property included four residential plots, one commercial property and a building and the confiscation had been carried out under PMLA.
In a release, the ED has stated that they could not trace the money laundered from the Valmiki Development Corporation account. “The accused might have hidden it or have spent it. That is the reason behind confiscating his assets worth around the same value.”
The ED had arrested Nagendra after over ₹ 100 crore was illegally transferred from Valmiki Development Corporation and he is out on the bail now.
