Karnataka Deputy Chief Minister D K Shivakumar has termed the Enforcement Directorate raids in the Valmiki Development Corporation case as unwarranted.
The ED on Wednesday conducted searches at multiple places allegedly linked to former Karnataka Minister B Nagendra and MLA Basanagouda Daddal in connection with the illegal money transfer case in state owned corporation.
The raids were carried out in Bengaluru, Raichur and Ballari as part of the probe into the alleged unauthorised transfer of Rs 187 crore belonging to the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation from its bank accounts.
This includes Rs 88.62 crore illegally credited to various accounts of some IT companies and a Hyderabad-based cooperative bank, according to official sources.
