India, Sept. 6 -- The chairman of the Karnataka Bhovi Development Corporation, S. Ravi Kumar, resigned on Friday after mounting allegations of financial misconduct prompted a political uproar and pressure from within the ruling party.

Ravi Kumar, who handed his resignation to Chief Minister Siddaramaiah, said, "In the wake of the controversy, the Chief Minister advised me to step aside. I have accordingly resigned."

The move follows a series of corruption allegations that have dogged the corporation. In August 2024, the Criminal Investigation Department raided its Bengaluru office as part of an inquiry into irregularities during 2021-22. Investigators alleged that loans meant for entrepreneurs had been diverted, with more than Rs.10 cro...