SC grants bail to accused in Valmiki Corporation Money Diversion Case
New Delhi: The Supreme Court on Monday, August 17, granted bail to Kaki Srinivas Rao, an accused in the multi-crore Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation money diversion case, in which more than Rs 89 crore was allegedly siphoned off through forged documents and fictitious bank accounts. A bench comprising Justices Manoj Misra and Vijay Bishnoi allowed the special leave petition filed by advocate Anil Chandrashekhar Nishani, challenging the Karnataka High Court’s December 19, 2024 order rejecting Rao’s bail plea. Senior advocate Madhavi Divan appeared for the petitioner. According to the chargesheet, Rao, who was running a share-trading firm, was not accused of playing a central role in the alleged diversion of funds. The prosecution has alleged that he assisted in converting the allegedly diverted cash into gold and helped facilitate the creation of 18 fictitious bank accounts . The Supreme Court took into consideration Rao’s age, health con...