Bengaluru, March 25: The Enforcement Directorate (ED) has temporarily seized agricultural land and LIC policies worth ₹1.66 crore belonging to Hariprasad Jayanna and Gajanana Wadeyar under the Prevention of Money Laundering Act (PMLA) of 2002. This action is linked to a fraud case involving Harsha Entertainment Private Limited and its investors.
According to an official statement released by the ED’s Mangaluru sub-regional office, the seizure occurred on March 23. The agency initiated its investigation based on an FIR filed on April 15, 2017, at the Kalaghatgi police station in the Dharwad sub-district. The FIR named Satyabodha Khasnis, also known as Harsha, Sanjeev Khasnis, and Shrikant Khasnis, among others. These individuals are accused of collecting funds by promising high-interest returns to various investors without making the promised payments.
The ED’s investigation revealed that Satyabodha Srinivas Rao Khasnis, Sanjeev, and Shrikant raised substantial amounts from general investors between the financial years 2009-10 and 2016-17 through their companies, Harsha Life Light and Harsha Entertainment Private Limited. They promised returns of four to six percent per month on the invested capital.
Furthermore, the inquiry uncovered that the funds collected from public investors were used for stock market trading, film production, and other undisclosed purposes. The accused failed to return ₹22.58 crore to the investors.
The ED also found that a portion of the funds was used by film director Pawan Kumar to purchase LIC policies in the name of his father, Gajanana Wadeyar. Another director, Hariprasad Jayanna, allegedly used cash received from the accused for unknown purposes. As a result, properties worth ₹1.31 crore in the name of Gajanana Wadeyar and ₹35 lakh in the name of Hariprasad Jayanna were seized under Section 5 of the PMLA.
The investigation is ongoing, with further developments expected.
My name is Ganpat Singh Choughan. I am an experienced content writer with 7 years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment