Karnataka High Court dismisses Union Bank of India’s petition seeking transfer of Valmiki corporation case to CBI
The Hindu
The UBI had filed an FIR with the CBI on June 3 as some of its employees were found to be involved with officials of the corporation in the transfer of crores of rupees from the Valmiki corporation’s account, maintained in UBI’s M.G. Road branch in Bengaluru, to various accounts illegally.
The High Court of Karnataka dismissed a petition filed by the Union Bank of India (UBI) seeking a direction to transfer to the Central Bureau of Investigation (CBI) the probe being carried out by the State police into the alleged multi-crore financial scam at the State-run Maharshi Valmiki Scheduled Tribes Welfare Development Corporation.
Justice M. Nagaprasanna, who pronounced the order on November 13, has orally said that he did not accept the interpretation of Section 35 of the Banking Regulation Act, under which the bank had claimed that the investigation has to go to the CBI as the Reserve Bank of India’s statutory circulars mandate probe to be referred to the CBI when bank staff are involved in misappropriation of money exceeding ₹30 crore.
If the bank’s submissions are accepted, then the Delhi Special Police Establishment Act, under which the CBI was created, would become redundant, Justice Nagaprasanna said while rejecting the petition.
The UBI had filed an FIR with the CBI on June 3 as some of its employees were found to be involved with officials of the corporation in the transfer of crores of rupees from the corporation’s account, maintained in UBI’s M.G. Road branch in Bengaluru, to various accounts illegally.
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