News Karnataka
Saturday, February 24 2024

ED seizes Hubballi entrepreneurs’ 40.22 Cr assets in scam case

The Enforcement Directorate (ED)
Photo Credit : News Karnataka

Hubli: The Enforcement Directorate (ED) has taken action in the scam case involving two entrepreneurs from Hubballi and seized assets worth 40.22 crores out of the total 525 crores involved. Among the seized assets are 12 immovable properties, which belong to Sheetal Kumar Maner, his family members, and Sheetal Jinendra Magdum. The alleged money laundering and real estate transaction has raised serious concerns, leading to the ED’s intervention.
The properties that have been seized by the ED are spread across Maharashtra and Madhya Pradesh and consist of land, commercial establishments, windmills, and residential apartments. This move aims to prevent any further misuse of funds and to safeguard the interests of the public affected by the scam.
The investigation into the illegal money transaction is ongoing, and the Ashoknagar Police Station in Hubballi is actively involved in the process. The authorities are conducting thorough inquiries to unravel the complexities of the case and bring those responsible for the scam to justice.

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