Former minister D K Shivakumar amassed huge money misusing his position as MLA and minister in Karnataka, the Enforcement Directorate (ED) has said.
The probe agency has also accused the senior Congress leader of being “in the habit of laundering money which is a serious threat to the national economy.”
The ED, which is interrogating Shivakumar and his associates under the Prevention of Money Laundering Act, said that investigation conducted and documents collected thus far showed that he had earned huge ill-gotten wealth by misusing the public office he held. He has served as public servant for the period between 1990 and 2019.
“This fact is corroborated with deposits of more than Rs 200 crore including a substantial amount of cash in three bank accounts, statements of which were received during interrogation,” the Enforcement Directorate informed the Special Court while seeking an extension of his custody on Friday.
The ED also informed the court that Shivakumar, his family members and close associates have maintained more than 317 bank accounts with at least 20 different banks. High-value transactions in these banks are yet to be examined and explained by Shivakumar, the ED said.
The investigation further revealed that high-value deposits have moved through a circuitous route from one bank account to another bank account of Shivakumar, his family members and close associates without any plausible reason but with sole intention to make tracing of money trail arduous.
During interrogation, he failed to furnish a reasonable explanation for routing the high-value transaction among several bank accounts held by him and his family members, the agency said.
“Though Shivakumar claimed that a number of properties acquired by him and his family members were inheritance, gift as well as will, source of investment in these properties has not been explained by him during interrogation.
It is important to mention here that a number of these properties have been found having been held in benami names by Shivakumar,” the Enforcement Directorate said.
From the investigation, it was found that Shivakumar and his associates have devised a well-planned scheme to divert the tainted money through more than 317 bank accounts which finally landed either in his or his family members bank accounts.
Based on the investigation, it was found that Shivakumar laundered the money in the form of cash transactions to the tune of more than Rs 200 crore and the value of the property acquired by the petitioner either in his/benami names is more than Rs 800 crore (approximate).
His 22-year-old daughter Aisshvarya has a transaction to the tune of Rs 108 crore
in her name.
During interrogation, Shivakumar could not offer any possible explanation of the source of his income.