The Directorate of Enforcement (ED), Bangalore Zonal Office has provisionally attached 11 immovable properties worth ₹16.95 crore under PMLA, 2002 on 12.02.2026 in a cooperative society fraud case.
Key Attachment Details
- Total properties attached: 11 immovable properties
- Type of properties: Land, plots, and buildings
- Locations: Ramnagara, Mysore, and Bangalore
- Market value: ₹16.95 crore
Accused Individuals
- Rajesh VR – CEO, Sirivaibhava Sourhardha Pattina Sahakari Niyamitha Society
- Smt. Nagavalli BS – President, Sirivaibhava Sourhardha Pattina Sahakari Niyamitha Society
Basis of ED Investigation
The ED initiated the probe based on an FIR registered by Subramanyapura Police Station, Bengaluru.
The FIR alleged that:
- Loans were sanctioned to entities owned by the President and CEO without proper surety
- The loan amounts were not repaid
- Depositors suffered wrongful losses due to misuse of official positions
Modus Operandi of the Scam
ED investigation revealed that:
- The accused incorporated the cooperative society in 2011 with dishonest intent
- Public deposits of approximately ₹65 crore were diverted
- Proceeds of Crime (POC) were routed through personal and fictitious entity accounts
- Diverted funds were used for:
- Purchase of immovable properties
- Business investments
- Personal consumption
Further investigation is under progress.
Source: ED Press Release dated 14/02/2026 on Karnataka Co-op Scam case