Karnataka corporation funds redirected to Telangana for poll campaign?
An FIR has been filed against six personnel, after talks indicating verbal orders from the departmental minister about the transfer of corporate cash to other accounts. Suspicions remain as it is believed that the monies were sent to IT businesses and a cooperative organization in hyderabad via 14 virtual accounts, maybe to support telangana elections.
JG Padmanabha, managing director of MVSTDC, and parasuram G Durgannavar, account officer, are facing suspension on claims of carelessness and financial impropriety. An FIR filed at Highgrounds police station alleges illicit transactions worth Rs 94.73 crore, including Union Bank's CEO and executives, among others.
The disclosure of monies diverted to neighboring state accounts during the lok sabha elections raises concerns about election-related involvement. Unauthorized overdrafts, faked documents, and covert transfers to Hyderabad-based IT firms highlight the scope of misconduct.
The scandal's intricacy grows with each discovery, necessitating an urgent investigation into the corporation's activities and the participation of financial institutions.