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Rs 70-mn worth Krushi ex-chief's assets seized

Syed Amin Jafri in Hyderabad

The Crime Investigation Department, which is probing into the Krushi Co-operative Urban Bank scam, has seized properties and bank accounts amounting to Rs 70 million over the last three weeks, even as the bank's ex-chairman and prime accused K Venkateswara Rao is still at large.

According to state police sources, the CID officials have frozen the bank deposits belonging to Venkateswara Rao in several banks. The deposits work out to Rs 17.7 million with some more money believed to be held by him in the other banks.

The CID has also seized houses, apartments, lands and orchards belonging to Venkateswara Rao in different places in the state, including the state capital and his native village in Krishna district.

The seized properties are estimated to be worth between Rs 40 million and Rs 50 million.

"Over the last 20 days, the CID teams, which have been probing the scam from different angles, have managed to get a clear picture of the whole scam involving Krushi Bank and its former chairman.

"We utilised the services of three chartered accountants and a retired banker to thoroughly look into the bank's accounts.

"We have unearthed all the details of the bank funds -- including how the funds were siphoned under fictitious names and through fabricated documents by the prime accused," the police sources told rediff.com on Monday.

The CID got a breakthrough in unearthing the frauds committed by Venkateswara Rao after the surrender of two systems administrators of the bank who helped the investigating teams to download the data from the bank's computers.

Besides the two system administrators, the bank's former vice-chairman also surrendered and a director was arrested by the CID team.

However, the former chairman and seven other directors are still absconding, even as the CID has announced a reward of Rs 500,000 for information about their whereabouts.

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