Home CITY UPDATES Bank fraud case: ED attaches properties of Subramanya Reddy

Bank fraud case: ED attaches properties of Subramanya Reddy

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BENGALURU:

The Enforcement Directorate (ED) has provisionally attached five immovable properties worth Rs 4.83 crore of S K Subramanya Reddy and others in a bank fraud case.

The ED initiated investigation on the basis of FIR filed by CBI, ACB, Bengaluru against T L Praveen Kumar, the then Kengeri Branch Manager, who in collusion with Subramanya Reddy and others had sanctioned 186 Gold loans against pledge of fake gold ornaments to 57 borrowers to the tune of Rs 12 crore, and all the borrowers were associated with S K Subramanya Reddy.

According to a release by ED here on Wednesday, a money laundering investigation has revealed that Subramanya Reddy used the money to settle his outstanding loans/overdraft facilities at Syndicate Bank and got his mortgaged properties released, and subsequently bought another property and paid EMI over other mortgaged properties and thereby projecting these properties as untainted.

Immovable assets to the tune of Rs 4.83 crore have been identified and provisionally attached under PMLA. Further investigation is in progress, the release added.

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