A large scam has emerged in the Bangalore Development Authority (BDA) with finance members investing money in equity mutual funds and trying to cover this up across different organizations. Apparently , Sandeep Dash, former finance head of the BDA and the Bangalore Metro Rail Corporation (BMRCL) was a finance member in the BDA from 1997 to 2005 and: allegedly created illegal temporary bank accounts (without the notice of the BDA board) transferred money to those accounts and then into mutual funds, and the amount seems to be a staggering Rs. 2,202 cr. told the board that the money was in fixed deposits (only 100 cr. was authorized to be in certan mutual funds) Used oral instructions to transfer money around (so no trace was visible) Another Rs. 5 cr was transferred to the Coffee Board, when Mr. Dash’s wife, Sharada Subramanyam, was finance director. ( Source ) Dash was succeeded by Seshappa, who didn’t do things differently.… (Read On…)
[via Capital MindCapital Mind]
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