This is Bengaluru city's public purse

Imagine a private company not keeping any record of the bank accounts it has opened, operated and closed from time to time, without financial risk assessment. Such noncompliance could send the directors of the company to jail under the Companies Act or SEBI guidelines.

However, it is a different story in the Bangalore Development Authority, the designated planning authority for Bengaluru.Multiple bank accounts were opened without its commissioner's sanction during the period 1999-2014. These accounts saw transactions running into hundreds of crores without any guidelines in place, observes the latest report of the Comptroller and Auditor General ( CAG).

The guardian of the public purse has made 48 serious audit observations into the finances of not only the BDA, but the BBMP and the BWSSB as well. ET brings a snapshot of some of CAG's observations, compiled by the Janaagraha Centre for Citizenship and Democracy: