Bengaluru: The Karnataka government has ordered the attachment of 47 immovable properties allegedly linked to Guru Teak Investments (Mysore) Private Limited and Guru Agri Farm Private Limited, citing the need to protect the interests of depositors.
In a notification issued on August 29, the government said investigations into complaints by depositors had found that the two companies had allegedly collected deposits and money from the public illegally and failed to return the amounts, along with the promised interest and other benefits.
The government said it had reason to believe that money collected from depositors had been used to acquire movable and immovable assets, either in the names of the companies or persons associated with them.
Invoking provisions of the Karnataka Protection of Interest of Depositors in Financial Establishments Act, 2004, the government ordered the attachment of the properties listed in an annexure to the notification. The properties are largely agricultural lands in and around Malavalli taluk in Mandya district.
The notification said the attached properties would vest with the government-appointed Competent Authority from the date of publication of the order in the Official Gazette, pending further orders from the Special Court.
