The Enforcement Directorate has provisionally attached land parcels and residential flats valued at ₹4.06 crore in connection with the Transferable Development Rights (TDR) fraud linked to the Bruhat Bengaluru Mahanagara Palike. The assets are associated with brokers and individuals who allegedly posed as owners to claim benefits under the scheme.
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The action comes after a major crackdown on May 23, when investigators carried out coordinated searches at nine locations across Bengaluru. These included the premises of Valmark Realty Holdings Pvt. Ltd., its directors, builders, brokers, and the residences of those who filed fake TDR applications. Officials reportedly seized key documents and evidence, which led to the identification of properties now brought under attachment.
The TDR scandal, which surfaced between 2009 and 2015, involved fraudulent issuance of certificates meant to compensate genuine landowners who surrendered plots for civic projects. Instead, developers, middlemen, and insiders allegedly fabricated ownership records and diverted benefits. Earlier, the Anti-Corruption Bureau had filed an FIR revealing that Valmark Realty Holdings had illegally acquired certificates and profited by selling them to private entities, generating unlawful gains estimated at ₹27.68 crore.
Acting on these findings, the ED initiated a money laundering case under the Prevention of Money Laundering Act. Investigators believe that the scam was facilitated through collusion between civic body officials and private players. The agency has confirmed that efforts are ongoing to trace further assets and identify additional beneficiaries, with more seizures anticipated.