Enforcement Directorate,ED attached 5 immovable properties worth Rs.4.83 Crore in a Bank Fraud case.
Officials of the Enforcement Directorate (ED) on Wednesday provisionally attached 5 immovable properties worth Rs.4.83 Crore belonging to SK Subramanya Reddy,a businessman and others in a Bank Fraud case.
The immovable properties are located in and around Bengaluru.
According to an official release,ED initiated investigation on the basis of FIR filed by CBI, ACB,Bengaluru against T.L.Praveen Kumar,the then Branch Manager of Bank of Baroda,Kengeri Branch,who in collusion with SK Subramanya Reddy and others sanctioned 186 Gold loans against pledge of fake gold ornaments to 57 borrowers to the tune of Rs.12 Crore.
All the barrowers were associated with SK Subramanya Reddy and pledge the fake gold to avail loan on his behalf.
During Investigation by ED revealed that S K Subramanya Reddy used these proceeds to settle his outstanding loans and overdraft facilities at Syndicate Bank and got his mortgaged properties released.
Accordingly,identified assets to the tune of Rs.4.83 Crore in the form of immovable properties have been provisionally attached under Money Laundering Act.Further investigation is in progress says a release.