Ram Temple Donation Funds Traced to Stock Market

Synopsis

The investigation into alleged stealing of donations from the Ram temple at Ayodhya has revealed that part of the money siphoned off was placed in the stock market and lent out on interest, where transactions were made through relatives' bank accounts. As the Special Investigation Team further investigates the finances, police have frozen 30 accounts associated with the accused.

A new financial trail is opening up

Part of the money allegedly stolen from the Ram temple was used to buy and sell shares and was also loaned out on interest while several transactions were made via the bank accounts of relatives and close associates, police sources said Thursday.

Searches and Confessions

Co-accused Lavkush Mishra and Karunesh Pandey were also taken to their respective homes for search on Wednesday while accused Anukalp Mishra was taken to his house on Thursday morning and searched for about 20 minutes, with members of his family also being questioned.

During the investigation, Anukalp allegedly admitted that he and co-accused Avinash Shukla had used money being collected at the donation boxes for the stock market.

The police source explained how the searches were conducted: "They were systematic searches with forensic experts and independent witnesses present, looking at electronic devices, investment records and other financial information which could provide a money trail. They questioned family members.

The accounts are frozen and disproportionate transactions are flagged

The police have frozen 30 bank accounts of relatives of the three accused, preliminary investigation reveals, which showed that the transactions made by these bank accounts were not in proportion to the sources of income of the bank accounts holders.

Financial investigators are now seeking to correlate banking transactions with stock market investments, property sales and cash recoveries, checking brokerage accounts, reviewing trading statements, mobile phone apps for investing and digital payment records.

Property Purchases Under the Scanner

Police search of Anukalp Mishra's residence found documents for acquisition of one acre of land in his name for ₹6.7 lakh, which investigators think the current market value could be several times the amount.

Origins of the Case

The irregularities in counting offerings at the Ram temple during the first week of June led to the discovery of alleged misuse of the temple in that period, and prompted the Uttar Pradesh government to form a Special Investigation Team on the temple's recommendations.

The SIT has been able to provide some prima facie evidence of the embezzlement, which resulted in an FIR, and so far eight persons involved in the processing of the donations to the temple have been arrested. One of the alleged methods is that the accused was reported to siphon money at small intervals during the counting process so as not to be detected and then spend the money in the financial markets for returns.

The government has seized 30 bank accounts and remunerated money for investment in shares from the Ram temple donation