LUCKNOW: The ambit of the probe into the embezzlement of Ram temple donation funds has widened with the investigators focusing on investment of a part of the stolen cash in stock market and other financial instruments by the accused in a bid not only to conceal the money trail, but also generate profits.
Ayodhya police have searched houses of the accused again and have allegedly frozen their bank accounts. Sources aware of the probe said police took accused Anukalp Mishra to his home on Thursday, searched the premises and questioned his family members.
During questioning, Anukalp allegedly told police that he and co-accused Avinash Shukla invested the stolen donation money in the stock market. They also lent money at interest and transferred funds into the bank accounts of their relatives and close acquaintances before routing the money back into their own accounts.
On Wednesday, police had taken Lavkush Mishra and Karunesh Pandey to their homes for searches. All three accused were placed on a 40-hour police remand. “The exercise was carried out in the presence of forensic experts and independent witnesses.
Officers questioned family members, examined documents and searched for electronic devices, investment records and other financial evidence that could help establish the money trail,” a police source said.
“The investigators have frozen 30 bank accounts of the accused and their relatives after finding transactions disproportionate to their declared income,” a source said, adding that police also recovered forged donation receipts from the possession of the accused.
The source said the accounts are being scrutinised by financial investigators, who are matching banking transactions with stock market investments, property purchases and cash recoveries. Officials suspect these accounts may have been used to receive, transfer or temporarily park the stolen money before it was invested in shares or withdrawn for personal use.
According to investigators, the accused exploited loopholes in the temple’s donation counting system. Cash was removed in small quantities during the counting to avoid detection. Rather than immediately spending the money, investigators believe the accused adopted a guarded approach by investing it in financial markets in order to earn returns.
Sources claimed that the probe is now proceeding beyond recovering stolen cash with focus being on the money trail to identify where the funds went, how they were invested and who ultimately benefited from them. Financial experts have also been roped in to determine the total amount allegedly invested. Brokerage accounts, trading statements, mobile applications used for investing and digital payment records are being examined.
“Investigators are also trying to establish whether profits earned through these investments were withdrawn, reinvested or used to acquire other assets,” a source said. The financial probe has also revealed that several accused accumulated assets disproportionate to their known sources of income.