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by System Administrator - Friday, 4 September 2015, 5:51 AM

By: M.S.Yatnatti: Editor and Video Journalist Bengaluru : Regulations related to financial management can be found in finance code and 2200 crore is not small amount to go out without the knowledge of BDA commissioner or BDA commissioner was negligent on his duties need to be investigated .Reportedly and ultimately BDA Commissioner is responsible for day today operations of the authority and commissioner cannot wash its hands saying that he is not responsible for lapses in BDA. The buck should stop at commissioners desk for any lapses in BDA finance department and for that matter any department in BDA. How BDA finance member can violate finance code and operate accounts without the authority of BDA Commissioner and why it was not detected the scam earlier and why BDA commissioner did not think of utilizing that amount for infrastructure projects when BDA was suffering financial crunch. It is imperative that BDA take notice of this growing systemic problem and understand its motivations and methods..The receipts of BDA comprises of the capital receipts by disposal of residential sites, by allotments and by auction sale of residential corner/stray sites and shop sites, sale of houses/flats and buildings. The revenue receipts include property tax, rent from commercial complexes and other miscellaneous receipts.The basic questions are who is authorized signatory for BDA accounts in Banks. How it operates its accounts .Is only finance member signs the pay checks .who decides to keep the bank deposits and which bank .What are the guide lines in this respect. Is the chairman or commissioner of BDA is not responsible for the lapses .How the commissioner can pass the buck only to finance member. The Finance Division renders advise to the Authority on various financial issues and is also entrusted with the responsibility of maintenance of the accounts of the Authority. This Division also oversees the demand, collection and balance of dues to the Authority. Let CID investigate and nail all the culprits in the scam reported as per rules followed in the BDA . All the Rules mentioned here are followed by the BDA:• Karnataka Town & Country Planning Act, 1961 and • Bangalore Development Authority Rules, 1976 and • BDA Cadre & Recruitment & Conditions of Service Regulations, 1995 and • Karnataka Civil Services Rules, 1958 and • Karnataka Civil Services (Classification, Control & Appeal) Rules, 1957 and • Karnataka Government Employees (Conduct) Rules, 1966 and • Karnataka Financial Code and • Karnataka Public Works Rules and • and other Rules, Circulars and orders issued as and when laid down by the Government.

It is reported in the media that Criminal Investigation Department (CID) sleuths on recently interrogated former Bangalore Development Authority (BDA) chairman Jayakar Jerome in connection with the 2,200 crore BDA He is said to have told the interrogators that he had no part to play in the scam over which three people (Sandeep Dash, a financial member of the BDA between May 1997 and May 2005, his successor M N Sheshappa and cashier C Vasanth Kumar) have been arrested. This need to be thoroughly investigated as Investigation into the scam had revealed that Dash had transferred around `2,200 crore BDA money to temporary bank accounts and later invested it in mutual funds. He allegedly transferred the money to an Indian Overseas Bank account without the BDA's permission. Later, his successor M N Sheshappa allegedly followed suit and opened two similar accounts. Having transferred around `500 crore, he too invested the money in mutual funds. A large scam has emerged in the Bangalore Development Authority (BDA) with finance members investing money in equity mutual funds and trying to cover this up across different organizations. Apparently, Sandeep Dash, former finance head of the BDA and the Bangalore Metro Rail Corporation (BMRCL) was a finance member in the BDA from 1997 to 2005 and: