ED Attaches Assets Worth ₹23.35 Crore in Betting Case
Karnataka MLA KC Veerendra and associates are under investigation over alleged proceeds from online betting and gambling operations
- ED provisionally attaches assets worth ₹23.35 crore.
- Movable properties are valued at ₹13.76 crore and immovable assets at ₹9.58 crore.
- Investigation concerns an alleged nationwide online betting and gambling network.
- ED suspects the use of shell companies and mule accounts to launder proceeds.
GG News Bureau
Bengaluru, 28th Oct: The Enforcement Directorate (ED) has provisionally attached movable and immovable properties worth a total of ₹23.35 crore in a money laundering investigation involving Karnataka MLA KC Veerendra and others.
According to the agency, the attached assets include movable properties valued at ₹13.76 crore and immovable properties worth ₹9.58 crore. The action has been taken under the Prevention of Money Laundering Act (PMLA), 2002.
Investigation Traces Alleged Betting Network
The ED initiated its investigation following multiple FIRs alleging cheating, cheating by personation, criminal conspiracy and extortion linked to online betting and gambling platforms.
The investigation allegedly uncovered a nationwide network involving betting websites, payment gateways, shell companies and mule bank accounts. The agency suspects that Veerendra and his associates controlled the network to generate and launder proceeds of crime.
ED Alleges Layering of Proceeds
According to the agency, the suspected proceeds from the alleged offences were routed through complex financial transactions before being used to acquire assets and for personal enrichment.
The findings led to the registration of an Enforcement Case Information Report (ECIR) and the commencement of proceedings under the PMLA.
The attachment is provisional, and the allegations remain subject to investigation and legal proceedings.
