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CID raids houses of Charminar Bank top brass

Syed Amin Jafri in Hyderabad

Special teams of the Criminal Investigation Department conducted extensive raids on the houses of Charminar Co-operative Urban Bank chairman, its managing directors and 11 other directors.

Deposit receipts worth Rs 600,000, six locker keys, 16 credit cards and six property documents were seized during the raids on Wednesday.

The search on the residence of Syed Alamdar Hussain Sajjad Aga, Charminar Bank chairman who committed suicide last month thereby exposing the grave financial irregularities in the bank, yielded cash worth Rs 150,000, 50 sovereigns of gold, fixed deposit receipts of Rs 235,000 and seven documents pertaining to immovable properties. All these were not found in an earlier raid conducted on his house on February 26.

In a statement, the CID said that the passport details of 40 borrowers have been collected from the Regional Passport Office and all the immigration officers across the country have been asked to prevent them from leaving the country.

The passport details of the remaining borrowers were awaited and these too would be handed over to the immigration authorities.

The CID identified and examined 27 borrowers of the bank who were extended loans beyond sanctioned limits. Of these two were found not residing in the residential addresses given by them. The bank authorities were also ignorant of their whereabouts.

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