BENGALURU: The Criminal Investigation Department (CID) will shortly attach the properties of four former employees of the Bangalore Development Authority (BDA), including ex-finance member Sandeep Dash, who illegaly diverted Rs 2,982 crore into mutual funds.
“The CID will be attaching the properties spread across several states shortly. We have recently written to the state government (Karnataka) also about our proposed move and will be writing to other states too,” CID sources told Express.
Dash, who is the alleged kingpin of the mutual fund scam, has a palatial house on a BDA site at Koramangala, approximately valued at Rs 20 crore, a flat in Greater Kailash, Delhi, valued at Rs 10 crore and another house in Odisha whose value is not known, said BDA officials.
“There is also a flat in the name of his spouse, Sharda Subramaniam, director (Finance) of Coffee Board at Varthur,” the sources said. “About the benami possessions spread across the country or even abroad, there is nothing anyone can do,” the officials added.
On the chances of the property being disposed of due to the extended period of investigations, CID sources said they have kept the sub-registrar offices in Bengaluru informed about the details of the properties.
“We are at an advanced stage of investigation in tracing the money trail. Everything will be completed very shortly,” said an official of the Economic Offences Wing.
When asked about the progress made in the case, a BDA official said the CID had recently visited the office of the Comptroller and Auditor General in New Delhi and collected all information.
According to BDA Finance Member Kandari, the BDA had suffered a loss of at least Rs 200 crore. It also suffered a notional loss of Rs 50 crore, which the accused earned as brokerage commission by making use of BDA money.
“The CID visited our office recently and asked for details on transfer of BDA funds to the Coffee Board,” he said.
It may be recalled that all those involved were arrested on August 17 but are out on bail since September 9.