Bengaluru: A significant scam involving the illegal transfer of multi-crore deposits from the Maharshi Valmiki Development Corporation has raised strong suspicions about the involvement of an inter-state gang with connections to influential politicians in Telangana.
An amount of Rs 89.62 crore was illicitly transferred from the corporation’s bank account to 18 accounts at RBL Bank in Banjara Hills, Hyderabad. An informal inspection by State Accounts Department officials revealed that over Rs 30 crore of this amount was transferred to accounts linked to a close associate of an ‘influential’ figure.
The scheme began with the opening of an account for the Valmiki Development Corporation at the Vasantnagar branch of Union Bank. The account was then transferred to the MG Road branch. Subsequently, an attempt was made to utilise a cooperative bank in Hyderabad’s New Nallakunta area for money transfers, successfully transferring Rs 5 crore initially. However, the strategy shifted to the Banjara Hills branch of RBL Bank, where Rs 89.62 crore was siphoned off within a month of opening the account.
The scam came to light after the suicide of Corporation Superintendent P. Chandrasekaran in Shimoga, prompting an informal inspection by senior officials and finance department accountants. Preliminary findings suggested political connections in some of the accounts at the Banjara Hills branch of RBL Bank.
A fixed deposit of Rs 50 crore was placed in the name of Valmiki Development Corporation at Union Bank’s MG Road branch on March 30. A loan of Rs 45 crore was obtained the same day using the fixed deposit as collateral. The board of directors purportedly decided to take the loan on March 30, but stamp papers for the loan agreement were purchased on February 26.
On March 30, Rs 40.10 crore of the loan amount was transferred to eight accounts at RBL Bank’s Banjara Hills branch, highlighting the efficiency of the masterminds behind the scam. A total of 18 accounts were opened at RBL Bank under various company names, with money transferred from the corporation’s Union Bank account between March 5 and March 30. Many of these accounts were found to be benami accounts.
Despite pressure on Union Bank officials to confiscate the Rs 89.62 crore transferred from the corporation’s account, the transfer and encashment occurred through RBL Bank accounts. Officials from the Scheduled Tribes Welfare Department found inconsistencies during their preliminary inspection, with many accounts misusing company names.
The special investigation team is scrutinising the actions of Valmiki Development Corporation officials, questioning whether they were unaware of the scam for two months or if there was a deliberate attempt to ignore the financial discrepancies.
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