Krushi Bank Chairman petition struck down by AP High Court

Hyderabad, May 30 (UNI) The petition of the Krushi Bank Chairman Venkateshwar Rao, who is wanted by the Crime Investigation Department (CID), to stall the auction of his property in Panjagutta was struck down by the Andhra Pradesh High Court today.

Talking to newspersons here, CID Deputy Superintendent of Police Mr Raju said Rao's counsel Praveen filed a petition in Court for stay of the auction yesterday. The Court after hearing the arguments of Praveen and Public Prosecutor Nageshwar Rao today, struck down the petition.

He said the Court pointed out that Rao has no locus standi to file petition as he is away in Bangkok. The Court fixed June 3 for the auction of the Rao's property in MSJ Court hall in Nampally.

The first auction of Rao's property was held last year and a person called Sriram who claimed to be a relative of Rao was the highest bidder. But Sriram could not pay entire Rs 3 crore. He had paied Rs 42 lakhs, and the police deposited the amount in Krushi Bank, Mr Raju explained.

Asked when CID would bring Rao to India, Mr Raju said one CID team is ready to leave for Bangkok, and required formalities were being fulfilled with the Ministry of External Affairs.

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