K'taka minister DK Shivakumar granted bail in money laundering case

The Special Economic Offences Court on Saturday granted bail to Karnataka Water Resources Minister DK Shivakumar and three others in connection with the alleged money laundering case.

The court granted conditional bail to Shivakumar against Rs. 1 lakh bond and deposit surety of Rs 25,000 in cash. Three others Sunil Sharma, Anjaneya and Rajendra were also granted bail on furnishing a surety of Rs 25,000 in cash each.

In June, the Income Tax department filed a complaint before the court against Shivakumar and three others for allegedly holding unaccounted cash worth Rs.8, 54, 66,100.

"DK Shivakumar has active business concerns in the sectors of education, trust and real estate from a significant amount of time. In the course of him conducting the said business activities, there has been a modus operandi employed by him to engage different people for the purposes of concealing and projecting the unaccounted and illegal money as untainted property for the purpose of evading Income Tax," an official statement read.

Shivakumar and others were booked under sections 276 C and 277 of the Income Tax Act, 1961 and section 193 and under section 199 of the Indian Penal Code on charges of criminal conspiracy to evade income tax payment.