Karnataka High Court to Review Union Bank’s Plea for CBI Investigation into Valmiki Corporation Scandal
On Tuesday, the Karnataka High Court issued a notice to the State government regarding a petition from Union Bank of India (UBI), which is seeking a Central Bureau of Investigation (CBI) probe into alleged fund misappropriation at the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation (Valmiki Corporation).
Justice M. Nagaprasanna has scheduled the next hearing for August 7. The petition, presented by the Attorney General for India, R. Venkatramani, who appeared in a personal capacity for the bank, emphasizes the need for a CBI investigation to uphold banking regulations and address the serious financial discrepancies involved.
Venkatramani argued that the involvement of the central agency is essential given the gravity of the case and its implications for banking integrity. He highlighted that the situation warrants a broader, more stringent examination beyond the state-level investigation already initiated.
The controversy surfaced in May this year following the suicide of the Corporation’s accounts superintendent, Chandrashekhar, who left a note alleging financial misconduct. This prompted the Karnataka government to set up a Special Investigation Team (SIT), and the Enforcement Directorate (ED) also launched a separate investigation.
Preliminary findings from the ED revealed that approximately ₹90 crore was illicitly transferred from the Valmiki Corporation’s account at UBI to several unauthorized accounts.
(With inputs from agency)
Share your news, articles, deals, columns, or press releases with us! Click the link to submit and join our platform today.
