How a trio wove the tangled web of financial fraud in BDA

How a trio wove the tangled web of financial fraud in BDA

Submitted by alvin on Thu, 2016-08-18 19:43 Bengaluru: Even as the CID is continuing its investigating into a scam wherein officials of the BDA had invested in mutual funds in gross violation of norms, the Comptroller and Auditor General has now come up with startling revelations.The CID has arrested three men in connection with the scam, but released few details. But the CAG report on the fraud had shed light on multiple angles of the story. It talks about how how a BDA officials printed fake letterheads of various banks, and how money was invested in the names of various government agencies.The CAG report no 1 of 2016 is related to the findings of a special audit of the investments made by the Bangalore Development Authority (BDA) in Mutual Funds during the period 1999-2014. The Government of Karnataka (GoK) requested (November 2014) the Principal Accountant General (G