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BTC’s financial House of cards: Forensic Audit launched
News: By: Sharan Kumar
October 15 , 2024
   
   

In a move that’s been brewing longer than a slow race day, the Bangalore Turf Club (BTC) has at last bowed to state pressure, ordering a forensic audit of its books for the past five years. And wouldn’t you know it—just as the auditors sharpen their pencils, the managing committee elections had to be postponed. The burning question: will hidden skeletons start to dance, or have the key players covered their tracks with the skill of a jockey concealing a misstep?

Allegations abound of shady transactions and, would you believe it, some cheques magically vanishing into thin air. The audit will also be taking a hard look at the curious case of the Rs 48 lakh withdrawn through self-cheques by the Stable Welfare Society, under the oh-so-careful watch of former Chairman Aravind Raghavan. For those keeping score, Raghavan was shown the door after being slapped with charges of fraud and criminal conspiracy, courtesy of the Central Crime Branch. His involvement, along with 90 others—yes, you read that right—includes two other officials from the club, all conveniently tied to his regime.

Now, the audit may pull back the curtain on BTC’s alleged dirty laundry, but the real show has been going on for years. Club officials have been under fire for their countless blunders, and if you’re looking for irony, their “acts of commission and omission” couldn’t be more perfect. The club’s affairs, as murky as a monsoon track, range from blatant financial missteps to silencing anyone with the gall to ask uncomfortable questions. Leading this parade of disarray are none other than the Raghavans and their ilk. Their relentless spin machine just won’t quit, even as Aravind, fresh off a scandal, has the nerve to send advice to the managing committee. Perhaps he should focus on salvaging his reputation instead of playing club politics—if there’s anything left of it, that is.

 
   



Meanwhile, the club’s money flows like a river—just not into the sport itself. There are whispers about overspending on everything but racing, from maintenance bills to extravagant social events. Yet when it comes to increasing prize money or investing in the track, the budget apparently vanishes. Legal battles, however, always seem to find a comfortable spot in the club’s budget. Despite shelling out crores, these disputes have yielded few wins, raising eyebrows and questions about the priorities at the helm.

The Stable Welfare Society is another area in need of reform. Calls are growing for its restructuring to ensure transparency, and some say it’s time for Aravind Raghavan to loosen his grip. Clear guidelines on conflicts of interest are a must to regain trust and steer the club away from further controversies.

Some current officials are also under scrutiny for alleged overspending and other acts of misdeeds, with accusations that key details were kept under wraps until a government-mandated committee started pulling the strings. And while some debate whether the committee is "ad hoc" or not, the reality is simple: it was formed to stabilize the club until elections can take place—no temporary fix, just an effort to get the club back on track.

 
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