CID to bring Krushi Bank chief on June 27

Hyderabad, Jun 20 (UNI) A team of the Andhra Pradesh Crime Investigation Department (CID) will be leaving for Bangkok to bring Krushi Bank Chairman K Venkateshwara Rao, prime accused in the Rs 35.69 crore deposit cheating scam about six years ago.

Led by Deputy Inspector General of Police (Eluru range) C V Anand would bring Rao, who had been absconding even before the case was registered here on June 27, police sources said.

The CID officials had arrested 23 persons in connection with the case and remanded them to judicial custody.

Reports said the CID team might question Rao during its one week stay in Thailand.

Though Thailand had no extradition treaty with India, CID made continous liaision efforts with the officers of the CBI-Interpol division and the Ministry of External Affairs (MEA), following which a red corner interpol notice was issued on March 19, 2002 for detention/arrest and extradiction of Rao.

A native of Krishna district, Rao came to Hyderabad in 1996 and registered Krushi Cooperative Urban Bank Limited on April 1, 1998.

He commenced operations from June 22, 1998 and lured the people with attractive rates of interest in fixed deposit amounts.

Rao, who collected Rs 35.69 crore from the depositors, misappropriated the money for personal benefits and failed to repay them on maturity.

One of the depositor lodged a complaint against the bank on August 15, 2001, and a case was registered at Mahankali Police station. The case was later transferred to CID on August 21, 2001.

To protect the interests of depositors, the government issued orders for attachment of properties of the accused worth more than Rs 19 crore.

The trial in the case commenced from January 19, 2004. Except Kosaraju Venkateswara Rao, against whom a non-bailable warrent was pending, all the accused were attending the court, police said.

UNI ASJ ROY SRS RN1807