Enforcement Directorate, ED has provisionally attached five immovable properties worth four crore 83 lakh of S K Subramanya Reddy and others in a Bank Fraud case.
The immovable properties are located at Bangalore, Karnataka.
ED had initiated investigation on the basis of FIR filed by CBI and Anti-Corruption Bureau, Bengaluru against T.L. Praveen Kumar, the then Branch Manager of Bank of Baroda, Kengeri Branch, who in collusion with S K Subramanya Reddy and others had sanctioned 186 Gold loans.
The investigation revealed that Mr Reddy used these proceeds to settle his outstanding loans and overdraft facilities at Syndicate Bank.