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Former Finance Member Named in BDA Fund Diversion Scam

The Bangalore Development Authority (BDA) has recently filed a second complaint at the Seshadripuram police station.

Published: 05th December 2015 05:23 AM  |   Last Updated: 05th December 2015 05:34 AM   |  A+A-

BENGALURU: The Bangalore Development Authority (BDA) has recently filed a second complaint at the Seshadripuram police station against four former employees, including former Finance Member Sandeep Dash, in the case of diversion of nearly `2,982 crore of its funds into mutual funds.

An addition in the new report is the inclusion of the name of Finance Member B Ganganna in the list of those tainted by the scams of 1999-2014. The first report filed on November 28, 2014 had named former Finance Members Dash, M N Seshappa and Second Division Assistant Vasanth Kumar. The latest report has also provided details on the operations. The 10-page complaint submitted on November 21 details the modus operandi of the prime accused in the scam.

finance.JPGBDA Commissioner T Sham Bhat confirmed that a second complaint has been filed. Asked if the properties of the accused would be attached, Bhat said, “We have given all details in the complaint. The CID will investigate further.” According to the report, accessed by Express, the complaint was based on findings of a Special Audit Report during 1999-2014 by the State Principal Accountant General. On the exact loss, Finance Member, N H Kandari said, “We lost `201.85 crore of the `2,982 crore fund taken from the BDA and illegally invested in mutual funds.”

Pension Funds

BDA Employees Pension Trust Fund was registered on 15 May, 2009. Ganganna disregarded the Commissioner’s order that surplus money be invested in Fixed Deposits in nationalised banks and invested `50 crore in mutual funds in 2014.



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