The Enforcement Directorate attached five immovable properties in Bengaluru in connection with the sanction of 186 loans worth ₹12 crore to 57 people against spurious gold ornaments. The attached properties belong to one S.K. Subramanya Reddy. The ED probe is based on a CBI FIR.
It is alleged that all the borrowers were associated with Mr. Reddy. According to the agency, he used the proceeds to settle his own outstanding loans or overdraft facilities with the Syndicate Bank. After he got the dues cleared, his mortgaged properties were released by the lending bank. The accused also bought another property.Based on the findings, the The assets were attached under the Prevention of Money Laundering Act.
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