SIT makes one more arrest in Valmiki Corporation case; seizes high-end cars

BENGALURU: Another accused, Kaki Srinivas Rao from Vijayawada, has been arrested in the Maharishi Valmiki ST Development Corporation Board scam. He is alleged to have purchased luxury cars worth crores of rupees using the authority’s funds.

He was produced before a court and remanded to police custody for nine days. The investigation is being conducted by the Special Investigation Team (SIT) and it is expected that more arrests will be made in the case. He is a close aide of Satyanarayan Varma, who was the mastermind behind the scam.

Besides this, SIT seized several luxury cars wprtj from the accused during raids. The investigation has revealed that Satyanarayan Verma  had purchased two Lamborghini Urus worth Rs 8.2 crore another worth Rs 3 crore. A Mercedez Benz car worth 1.2 crore was also purchased by misusing the authority’s funds. The seized  cars were kept in Hyderabad. The SIT directed the accused to get them released by paying money.

The SIT recovered  Rs 3.92 crore from the Managing Director, Padmanabh, and Rs 1.5 crore from Nageshwara Rao’s house; Rs 30 lakh from Chandramohan; Rs 15 lakh lakhs from Jagadish; and Rs 7 crore have been frozen in Satyanarayan Itakari’s account, and now the SIT approached the court to freeze the money.  SIT agreed to return Teja’s Rs 1 crore and the corporation’s money Rs 2 crore, which were transferred to different accounts. The investigation is ongoing, and it is expected that more money will be recovered.

It was discovered that the accused had purchased cars worth crores of rupees misusing the authority’s funds.