Absconding for 22 years, Krushi Bank director arrested by Telangana CID

HYDERABAD: Non-Bailable Warrants (NBWs) Special Execution Team of CID Telangana has arrested a person in Krushi Co-operative Urban Bank Case in Palakollu in West Godavari district, Andhra Pradesh.

In a statement issued on Monday, officials said that the accused was identified as Kagithala Sreedhar (51) who is accused number 3 and is the director of Krushi Co-operative Urban Bank, Ranigunj, Secunderabad. On Sunday, a special team of CID traced and apprehended the accused from Palakollu who had been absconding for 22 years. He was produced before the court and was sent to judicial custody. An NBW is pending against him at Metropolitan Session Judge-Special Court, Nampally in Hyderabad.

The officials said that Dr MV Kumar along with other depositors of Krushi Co-operative Urban Bank Ltd, lodged a complaint before Mahankali Police in Hyderabad stating that the Chairman and MD Kosaraju Venkateshwara Rao and other directors and staff of the bank had misappropriated an amount of Rs 36.37 crore by collecting deposits from innocent custmers and closed its operations on August 11, 2001 without making payments to them even after maturity.

In pursuance of a criminal conspiracy amongst them, the funds belonging to depositors were withdrawn from the bank systematically by creating fictitious loan accounts, fabricating documents, falsification of records and accounts etc. A case was registered at Mahankali PS and then transferred to the CID on August 21, 2001 for further investigation. NBWs special execution teams were formed under the supervision of B Ram Reddy, SP, CMS, CID, Hyderabad on the instructions of ADG, CID Mahesh Bhagwat.