Was Happiest Minds the Secret Beneficiary of Karnataka Valmiki Corporation Scam? Find Out Now!

In the shadowy world of corporate scandals, a new mystery unfolds. Could Happiest Minds be the hidden beneficiary of the Karnataka Valmiki Corporation scam? Join us as we delve into the depths of this dubious deal and uncover the shocking truth. Stay tuned to unravel the web of deception and intrigue surrounding this explosive scandal.

Unearthing the Scam

In a shocking revelation, the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation found itself embroiled in a massive corruption scandal. According to a government document, public funds were embezzled and transferred to various entities, including Happiest Minds Technologies Ltd, a prominent IT services firm promoted by billionaire tech veteran Ashok Soota.

Public Money Diverted

The scandal came to light when Additional Chief Secretary (Scheduled Tribes Welfare), N Manjunatha Prasad, wrote a letter to RBL Bank’s Managing Director and Chief Executive, R Subramaniakumar. The letter, accessed by DH, unearthed that a staggering Rs 89 crore had fraudulently been moved from the Union Bank of India’s MG Road branch in Bengaluru to several accounts through the Real-Time Gross Settlement (RTGS) system between March 5 and May 6.

The List of Beneficiaries

The letter detailed the distribution of the funds as follows:

  • PIFUMS Management Pvt Ltd: Rs 5.35 crore
  • Zelliant Training and Consulting Service: Rs 4.97 crore
  • Happiest Minds Technologies Ltd: Rs 4.53 crore
  • YM Enterprises: Rs 4.98 crore
  • Manhu Enterprises: Rs 5.01 crore
  • Accord Business Services: Rs 5.46 crore
  • Nithya Security Services: Rs 4.47 crore
  • Volta Technology Services: Rs 5.12 crore
  • V6 Business Solutions: Rs 4.50 crore
  • MS Talenq Software India Pvt Ltd: Rs 5.10 crore
  • Eight individuals: Rs 40.10 crore

Forgery and Fraud

According to Prasad, “numerous forged letters, cheques, and RTGS requests” were used to facilitate the unauthorized disbursement of funds. These documents bore the forged signatures of the Corporation’s managing director and accounts officer, and they were instrumental in the illegal transfer of funds from Union Bank of India’s MG Road branch.

Freezing the Funds

Prasad urged RBL Bank to immediately freeze the accounts where the funds had been transferred and to return the entire Rs 89 crore to the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation’s bank account. Further investigation revealed a total disbursement amounting to Rs 89,62,99,500, all based on forged documents.

Link to First Finance Credit Cooperative Society Ltd

Adding to the complexity of the scam, Prasad’s letter disclosed that the entire fraudulent amount was lien-marked to Hyderabad-based First Finance Credit Cooperative Society Ltd under the pretext that the funds had been transferred erroneously.

What Lies Ahead?

As the investigation continues to unravel, the involvement of high-profile companies such as Happiest Minds Technologies Ltd raises significant questions. Were they unwitting victims of a wider fraud scheme, or does this point to a deeper nexus of corruption within the system? The coming days are bound to shed more light on this intricate web of deceit.

Published: May 31, 2024, 16:37 IST

Source: www.deccanherald.com

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