In a major development in the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation scam, Sathyanarayana Itakari, chairman of First Finance Cooperative Society in Hyderabad, received Rs 68 lakh as a 2% commission, media reports say.
He transferred Rs 89.62 crore from the corporation’s bank account to 18 fake accounts. The Special Investigation Team (SIT) recovered Rs 51.11 crore, gold worth Rs 11.70 crore, and luxury cars during the probe.
Conditional bail was granted to four accused, including Itakari, as the court noted that their continued custody was not essential for the investigation. The SIT remains free to cancel bail if necessary.
