New Delhi, Aug 29 (UNI) The Directorate of Enforcement (ED), Bengaluru, has attached immovable assets valued at approximately Rs. 1.79 crore owned by K G Bhadraradhya, one of the accused in a vehicle loan fraud case.
The attachment order was issued on August 25 under the provisions of the Prevention of Money Laundering Act (PMLA).
The attached properties consist of two RCC roofed buildings situated in Nagarabhavi, Bengaluru. The action is part of an investigation into a case involving K.G. Bhadraradhya, Ashok Kumar, Smt. V Vijaylakshmi, and Smt. Radha Agarwal alias Radha alias Anjana.
The individuals are accused of defrauding banks, including Canara Bank, Corporation Bank, and Saraswat Co-operative Bank, by obtaining vehicle loans against forged invoices. The invoices were purportedly issued by authorised car dealers of Audi and Mercedes-Benz in Bengaluru.
The fraudulently obtained loan amounts, totalling Rs. 4.84 crore, were credited into fake bank accounts opened by the accused. The funds were then diverted through a process of routing and layering across multiple bank accounts of their business entities.
A portion of the proceeds was used to purchase 2 acres and 25 Guntas of agricultural land in Antharasanhalli Village, Tumkur, valued at Rs. 43.06 lakh. This property, registered in the name of Smt. V. Vijayalakshmi (wife of K. G. Bhadraradhya), was identified as direct Proceeds of Crime and was previously attached by the ED in 2016. Possession of this land was taken after confirmation by the adjudicating authority.
The investigation revealed that the fraudulently availed loans were also diverted for other purposes, including the purchase of machinery, repayment of earlier loans taken by their business entities, and substantial cash withdrawals.
With this latest attachment, the total value of properties attached by the ED, Bengaluru, in this case now stands at Rs. 2.20 crore.
