ED raids on KIADB offices: ₹ 1.5 cr cash frozen
Enforcement Directorate officials, who raided KIADB officers on Friday, said they had seized cash ₹1.5 crore and ₹55 lakh deposits from bank accounts.
The search operations were conducted under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, on Friday on 12 premises in Bengaluru and Dharwad in connection with the alleged fraud committed in land acquisitions undertaken by Karnataka Industrial Area Development Board (KIADB), Dharwad Zonal office for projects such as Hubballi Airport and IIT Dharwad.
The searches were conducted on seven premises in Bengaluru, including the KIADB head office and at five premises in Dharwad-Hubballi, including the KIADB Zonal office in Dharwad.
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