Bengaluru: The Karnataka High Court yesterday dismissed a petition by Union Bank of India seeking transfer of the investigation of the alleged scam involving the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation Ltd to the Central Bureau of Investigation (CBI).
The petition was heard by Justice M. Nagaprasanna, who ruled that Section 35A of the Banking Regulation Act could not be used as grounds for such a transfer. He noted that allowing this could lead to an overreach by banking institutions, potentially undermining the Delhi Special Police Establishment Act (DSP Act).
