Bengaluru: In a surprising turn of events, the Special Investigation Team (SIT) investigating the Maharshi Valmiki Corporation scam has successfully recovered significant assets and funds associated with the case. Among these is a luxury Lamborghini car purchased with money by Sathyanarayan Verma, the mastermind behind the infamous ‘Hyderabad Gang.’
This gang is at the centre of the scandal involving the illegal transfer of substantial sums from the corporation’s accounts.
Verma had acquired the Lamborghini from a second-hand car showroom in Hyderabad, using funds stolen from the corporation. The SIT contacted the showroom owner and negotiated the return of the money in exchange for the car.
The showroom owner in Hyderabad agreed to take back the Lamborghini car, and Rs 3.32 crores paid by Verma were returned to the SIT. This recovery was executed following all legal protocols to ensure proper documentation and accountability.
In addition to this, the SIT has seized approximately Rs 5 crores, which had been illicitly transferred to various bank accounts as part of the scam. These funds were part of a larger network of financial transactions designed to launder the stolen money.
The investigation revealed that the funds had been distributed across 193 bank accounts, which included accounts belonging to bars, jewellery shops, hotels, and other businesses. The transactions highlighted the extensive reach of the scam and the elaborate measures taken to disguise the origins of the funds.
Earlier in the investigation, it was discovered that Rs 94.36 crores had been transferred from Valmiki Nigam’s Union Bank account to 18 fraudulent accounts at Hyderabad’s First Finance Cooperative Bank. Before the scam was fully exposed and a First Information Report (FIR) was filed, Rs 5 crores were deposited back into the corporation’s account.
The remaining Rs 89.36 crores were moved to other accounts in subsequent phases of the scam. As the SIT traced these transactions, they uncovered the secondary and tertiary layers of the money transfer network, leading to further recoveries.
To streamline the process of managing the recovered funds, the SIT plans to open a dedicated bank account under the name of the investigating officer.
A formal request for this has been submitted to the state government, and upon approval, the account will be used to consolidate the confiscated amounts. Once the investigation concludes, the recovered funds will be returned to the corporation’s treasury, ensuring that the embezzled money is restored to its rightful place.
This operation marks a significant step forward in the ongoing efforts to unravel and address the Maharshi Valmiki Corporation scam.
The SIT’s diligent work in tracing and recovering the stolen assets underscores the importance of accountability and justice in financial crimes. As the investigation progresses, further recoveries and legal actions are anticipated, aimed at bringing all perpetrators to justice and safeguarding public funds.
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