Note ban: ED attaches Rs 25 cr of assets of former Karnataka officer

January 31, 2017

Bengaluru, Jan 31: ED today attached assets worth Rs 25 crore, including three huge agricultural lands and a farm house, allegedly acquired by Karnataka's ex-chief project officer of highway development department in connection with its money laundering probe registered post demonetisation.

12notes
The agency identified the accused as S C Jayachandra, who was also arrested by the agency in December last year under the Prevention of Money Laundering Act (PMLA).

He is in judicial custody at present. The Enforcement Department (ED) said it's investigations have "revealed that several properties were acquired by the accused (Jayachandra) in his name and in the name of his wife, his brother in law and in the name of his mother-in-law.

"All these persons had actively assisted Jayachandra in acquiring and possessing various properties," it said.

The seized assets consist of about 13 residential properties, 3 agricultural lands and a farm house and are mostly in the vicinity of Bengaluru and in the Chitradurga district of the state.

"It was also noticed that the accused had projected the ill-gotten properties as untainted. The market value of these properties aggregates to over Rs 25 crore," it said.

The case emerges from a December 1, 2016 seizure made by the Income Tax department here of Rs 5.7 crore in new Rs 2000 notes.

ED had registered a money laundering case against seven people, including Jayachandra,based on a CBI FIR in the case and had seized new notes worth Rs 91.94 lakh in Rs 2000 notes from them.

The modus operandi adopted by these people, ED had said, was byposing as "customers" looking to get old currency exchanged illegally after paying commission to the said middlemen.

The accused had set up a "systematic" network for supplying new currency notes in exchange of old/demonetised currency to various persons who had hoarded demonetised currencies, it had said.

The customers could get their notes exchanged by paying 20-35 per cent commission, the agency said.

"The accused had supplied new currencies on many earlier occasions to Jayachandra through Prasanth and they fell into trap while making one such effort to supply new currency on December 4.

"The said new currencies were sourced from various parts of Karnataka," it had said.

The role of a few bank officials and entry operators is also under the scanner of ED.

An attachment under PMLA is aimed to deprive the accused from obtaining benefits of his ill-gotten wealth and such an order can be appealed before the Adjudicating Authority of the said Act within 180 days.

Comments

Dodanna
 - 
Tuesday, 31 Jan 2017

A request with POLICE and Judicial Dept to publish the photographs of involved BANK OFFICERS and their all chelas in all news channel and
news papers first.

At least the public will come to know about the real DESH DROHIS.

Rikaz
 - 
Tuesday, 31 Jan 2017

Join him to politics in BJP under Yediyurappa....he too has a case....

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News Network
December 17,2025

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Melkar, Dec 17: The 17th Annual Day and Graduation Ceremony of Melkar Women’s PU and Degree College, themed “Fusion-2K25,” was celebrated with dignity and enthusiasm, marking a significant milestone in the institution’s academic journey. The programme reflected the college’s steadfast commitment to academic excellence, character building, and the holistic development of students.

The event was inaugurated by Mr. Asif Mohammed, whose presence greatly enriched the occasion. The celebration was further graced by the chief guests Mr. P. B. Ahmed Mudassir and Mr. Nissar Fakeer Mohammed, along with the distinguished guests of honour Mr. B. A. Nazeer and Mr. Ibrahim Gadiyar. In their inspiring addresses, the guests encouraged the graduating students and appreciated the dedicated efforts of the management, faculty, and students.

The annual report was presented by the Principal, Mr. Abdul Majeed S, highlighting the institution’s academic progress, notable achievements, and extracurricular accomplishments during the academic year.

The presidential address was delivered by the esteemed Chairman of Melkar Women’s PU and Degree College, Dr. Haji S. M. Rasheed, who emphasized the vital role of education in empowering women and shaping responsible citizens. He also stressed the importance of discipline, dedication, and perseverance in achieving success.

Cultural programmes and academic recognitions formed an integral part of the celebration, showcasing the talents and achievements of the students. The graduation ceremony was a proud moment for the outgoing students as they were formally conferred degrees and wished success in their future endeavours.

Ms. Mashmooma Fathima served as the Master of Ceremonies. The welcome address was delivered by Ms. Fathima Nida, and the programme concluded with a vote of thanks proposed by Ms. Ayisha Suhana.

The event successfully achieved its objectives and was highly appreciated by the guests and attendees.

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News Network
December 19,2025

Mangaluru: Public transport in Mangaluru is set for a state-led transformation as the government moves to deploy 100 new electric govt buses to replace unreliable private services. The initiative aims to provide a dependable alternative to private operators who have been frequently "cutting trips," leaving thousands of commuters stranded.

The announcement was made by Deputy Commissioner and MCC Administrator Darshan HV during a public phone-in session. The move specifically targets routes where private bus service has become erratic, ensuring that citizens no longer have to rely on a fluctuating private sector for their daily commute.

Restoring the Govt Presence

The transport crisis was brought to the forefront by Ramayya, a resident of Bajal, who highlighted a growing trend of private buses skipping morning and night trips. With the previous KSRTC (govt) services discontinued, residents have been left without a fallback option.

To fix this, the DC confirmed that the PM-eBus Sewa Scheme will bring 100 government-owned electric buses to the city:

•    Phased Deployment: The first 50 of the new 100 government buses are scheduled to arrive by March 2026.

•    State Infrastructure: Two new government depots, including one at Mudipu, are being prepared for operations.

•    Recruitment: The state has already begun training a new batch of government bus drivers to ensure the fleet is operational the moment it arrives.

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News Network
December 15,2025

Mangaluru, Dec 15: Educational institutions in Mangaluru that rely on the popular Mangala Stadium for their annual sports events are bracing for an inconvenience as the city's key sporting venue is set to close its gates for a significant upgrade. The stadium is expected to be unavailable for approximately two months starting from January 15, 2026.

The closure is necessitated by a proposed overhaul of the stadium's facilities, with a special focus on upgrading the synthetic track. Pradeep Dsouza, Assistant Director of the District of Youth Empowerment and Sports (DYES), Dakshina Kannada, confirmed the development.

"Experts have visited the stadium, conducted a thorough inspection, and have given the go-ahead for a complete makeover," Dsouza stated. "Funds have been allocated for the project, and we are currently awaiting the final green signal from state officials to commence the work. We anticipate that the work will likely begin in the second week of January. Consequently, we have stopped renting out the stadium to colleges and other organizations in preparation for the upgrade."

The timing presents a logistical challenge for colleges, as many schools have already concluded their sports meets.

"Colleges will now be organizing their events and will need to find alternative locations to host their sports meets," Dsouza added. He suggested a few potential venues, including the Dakshina Kannada police ground, University College grounds, Panambur grounds, Swaraj Maidan in Moodbidri, and the Mangalore University sports grounds in Konaje.

However, many institutions note that finding a comparable venue will be difficult. While the DK police ground and University College grounds are closer to the city center, they do not possess the extensive facilities and infrastructure offered by Mangala Stadium.

Dr. P Dayananda Pai - P Satisha Govt First Grade College, Carstreet, is one such institution dependent on the stadium. Principal Jayakar Bhandary expressed hope for a swift completion of the work. "We expect the work to be completed at the earliest. If not, we will be forced to look for other venues to host the sports day for our students," Bhandary said, highlighting the pressing need for the city's main sporting facility.

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