CID arrests former Karnataka Bhovi Development Corporation GM
Bengaluru: CID on Monday arrested
BK Nagarajappa
, a former general manager of the
Karnataka Bhovi Development Corporation
, in connection with an alleged
fund transfer scam
in the financial institution. He was produced before a local court, which remanded him in police custody for 10 days.The Enforcement Directorate (ED) had arrested Nagarajappa in April and interrogated him during a 14-day police custody.The alleged scam, initially discovered in Nov 2023, is being probed by CID.
Preliminary investigations have revealed that approximately Rs 97 crore were misappropriated by transferring funds to over 500 bank accounts created under fictitious beneficiary names.CID has already made several arrests in connection with the case, including the corporation's former managing director R Leelavati and her sister R Managala, who is employed at the Indian Institute of Science.
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