Bengaluru

Six arrested for swindling KSAMB of ₹48 crore

The city police have arrested six persons for allegedly misappropriating ₹48 crore in the Karnataka State Agricultural Marketing Board (KSAMB). The arrested include two officials, one each from the KSAMB and SyndicateBank.

Kari Gowda, managing director, KSAMB, had lodged a complaint recently alleging misappropriation. The board had placed ₹100 crore in two fixed deposits of ₹50 crore each in Uttarahalli branch of SyndicateBank in November 2019. In January this year, however, the board realised that only ₹2 crore was there in one of the FDs and ₹48 crore had been transferred to various current accounts.

The Central Crime Branch that probed the case has now arrested Siddagangiah, deputy general manager at the KSAMB who was in charge of these FDs, and Jayaram, assistant manager, SyndicateBank, Uttarahalli branch. They have also arrested Bharat, brother-in-law of Jayaram, and three middlemen Mustafa, Aslam, and Revanna, all from Chennai. Four other accused, including the kingpin of the scam, are absconding and three police teams are trying to trace them.

“The ₹48 crore was transferred to 60 current accounts, most of them Chennai based. Mustafa, Aslam, and Revanna got the money transferred to their accounts, withdrew it and allegedly gave it to a key accused, who is still at large. He was the link between the officials in the city and the account holders in Chennai,” a senior police official said.

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Printable version | Oct 1, 2020 10:10:10 AM | https://www.thehindu.com/news/cities/bangalore/six-arrested-for-swindling-ksamb-of-48-crore/article30766658.ece

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