The Enforcement Directorate (ED) has provisionally attached two immovable properties worth Rs. 1.10 Crore in connection with a corruption case against T N Chikkarayappa, the former managing director of the Cauvery Irrigation Corporation Limited in Bengaluru.
The ED’s action comes after it initiated an investigation under the Prevention of Money Laundering Act (PMLA), 2002, based on an FIR registered by the Karnataka Police. The case pertains to allegations of corruption and illegal gratification received by Chikkarayappa and others in exchange for awarding contracts for various works under the Cauvery Irrigation Corporation Limited.
According to the ED’s press release, investigations revealed that Chikkarayappa and his associates had amassed illegal assets and properties by indulging in corrupt practices during his tenure as the managing director of the corporation. The two properties provisionally attached by the ED are located in Bangalore and Mysore, and their total value is estimated to be Rs. 1.10 Crore.
The attachment of these properties is aimed at preventing the accused from disposing of these assets and ensuring that they remain available for further investigation and proceedings under the PMLA. The ED has the power to provisionally attach properties under Section 5 of the PMLA for a period of 180 days, which can be extended by the Adjudicating Authority for a further period of 180 days.
The ED’s action against Chikkarayappa and his associates is part of its ongoing efforts to curb corruption and money laundering in the country. The agency has been conducting investigations into several high-profile cases of financial fraud and money laundering in recent years and has taken a number of measures to strengthen its enforcement capabilities and improve its coordination with other law enforcement agencies.
The ED has urged the public to come forward and report any instances of financial fraud or money laundering to the agency, and has assured that all such complaints will be taken up for investigation and appropriate action will be taken against the culprits. The agency has also appealed to the public to be vigilant and exercise caution while dealing with financial transactions to avoid falling prey to fraudulent activities.
