Valmiki corporation ‘scam’: SIT seizes over Rs 1.49 cr from AP accused
Bengaluru: In its latest development in the ongoing investigation of the Valmiki Development Corporation scam, the Special Investigation Team (SIT) officials have seized a staggering sum of Rs 1.49 crore from the home of the accused Nageswarao.
The residence at Jakkur in the city was raided on Sunday revealing a substantial sum of money, which was drawn from a bank in Hyderabad by the accused who is also a native of Hyderabad.
Sources close to the investigation have revealed that the money seized is believed to have been in the hands of several individuals, with the residence acting as a sort of safehouse for the illegal funds.
This marks the latest seizure in the ongoing investigation, following the confiscation of Rs 8.21 crore from another accused, Satyanarayan Verma, on June 12. A further Rs 30 lakh was seized from the relative of the former corporation manager on June 30.
Overall, an estimated Rs 13.62 crore has now been recovered in connection with the money laundering scandal. The scam saw a staggering Rs 94.73 crore illegally transferred from the Maharshi Valmiki Development Corporation account in Union Bank of India to 18 separate accounts, leading the state government to constitute an SIT to investigate the matter.
The SIT has made a series of arrests in connection with the case, including the former managing director of the corporation, Padmanabha, accountant Parashuram, Nagaraj Nekkunti, B Nagendra’s son Nageshwar Rao, Hyderabad First Finance Credit Co-operative Society chairman Satyanarayan, and his close associate, Satyanarayan Verma.
The accused have been taken into custody and are currently undergoing interrogation by the SIT officials, who are leaving no stone unturned in their efforts to unravel the full extent of the scam and bring all those involved to justice.
The discoveries made in the latest raids underscore the severity and far-reaching nature of the illegal activities, demonstrating the urgent need for continued vigilance and robust action to combat such financial crimes.
Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.
Comments
Post a Comment