Daijiworld Media Network - Bengaluru (SP)
Bengaluru, Feb 8: An amount of Rs 48 crore that had been kept as deposit in Syndicate Bank by Karnataka State Agricultural Marketing Board has been gobbled up by unscrupulous elements. The police have since arrested six persons including the manager of the bank and deputy managing director of the board.
These arrests were made on the basis of complaint filed by Kari Gowda, managing director of the board. Those arrested include Siddagangayya, deputy managing director of the board, and bank manager, Jayaram. There is information about several people have taken part in the scam, and central crime branch (CCB) staff have been conducting probe by staying in north India and Tamil Nadu where intensive probe is going on.
As per the preliminary investigation, the deposit was converted into fake certificates and bonds before the money was siphoned off. But so far it could not be found out as to who received the benefit. The accused seem to have worked out the operation in a very intelligent manner.
Kari Gowda had sought quotations from banks for converting revolving fund into fixed deposit. Syndicate Bank Uttarahalli branch quoted highest rate of interest. Thereafter, fixed deposit of Rs 100 crore kept in Rajajinagar branch of Andhra Bank was shifted to Syndicate Bank in two installments through RTGS. Syndicate Bank assistant manager, Jayaram, during his visit to the board;s office on January 20, 2020, informed the officials that Rs 48 crore belonging to the board had been transferred to different accounts. Kari Gowda showed the documents for the deposits made, but the manager said that out of it, only Rs 52 crore was genuine and the balance receipts were fake.
It was found that Rs 48 crore was distributed to 60 accounts in Tamil Nadu in different amounts. Fake bonds and certificates were created and money was transferred. From these 60 accounts, this money was deposited in various accounts in banks located n north India. The CCB officials are finding it hard to find the actual beneficiaries. So far, bank manager and deputy managing diirector have been saying that they have not got the amount. Several accused have disappeared and till they are found out and questioned, the CCB officials say they would not be able to say what has happened and who are the beneficiaries.