The Public Enterprises Committee of the State legislature on Friday recommended initiation of criminal action against Sandeep Dash, the former executive director (Finance) of Bangalore Metro Rail Corporation Ltd. (BMRCL), for investing Rs. 30 crore of the corporation in equity funds, without authorisation.
In its report tabled on the floor of the Legislative Assembly and Council here, the committee expressed surprise over not initiating any action against the 1990-batch Indian Civil Accounts Service officer even after six years of the incident coming to light. The issue pertained to investing Rs. 30 crore of the corporation in equity funds by Mr. Dash through brokers, without bringing it to the notice of the board of directors in 2006.
Though the corporation managed to recover a substantial amount of the investment, BMRCL incurred a loss of Rs. 31.24 lakh.
The corporation should immediately have written to the parent department of Mr. Dash about his criminal intent when the irregularities became known in 2008, the committee said. BMRCL’s letter seeking criminal action against Mr. Dash in October 2012 was belated, it said, and urged the government to initiate immediate action against the official.
