Extradited Bank Chairman to be produced in court today

Hyderabad, June 27 (UNI) Krushi Bank chairman K Venkateswara Rao, the first accused in the fraud case involving the bank, will be produced before the Metropolitan Sessions Judge at Nampalli here this evening after extradition from Thailand.

Additional Director General of Police (CID) M Ratan told reporters here the Special CID team led by Deputy Inspector General of Police (CID) C V Anand left for Hyderabad along with the accused by an Indian flight at 1445 today and would reach here around 1930 hrs.

He said a non-bailable warrant issued by the court was pending against Rao and soon after landing they would execute the warrant and produce him before the judge. The Thai authorities had physically handed over the accused to the Indian team today at Bangkok airport.

The DGP said there were 24 accused in the cheating case, where a sum of Rs 32 crore was involved. The accused had cheated depositors.

He said Venkateswara Rao was the first accused who left India on July 17, 2001 and the case was registered on August 15 that year.

The other 23 accused had already been arrested. Examination of 380 witnesses was over. An amount of Rs 22.45 crore had already been distributed to depositors. Police also recovered Rs 4.14 crore by auctioning property belonging to Venkateswara Rao in Hyderabad.

He said the CID team also blocked money belonging to Rao, who invested in different ventures in Mumbai, to the tune of Rs six crore. Police alerted the venture capitalists not to release the sum.

Written confirmation was received from Thailand on November 17 last year and it took nearly eight months to bring Rao here after fulfilling the formalities. Though there was no agreement between India and Thailand for extradition, the Thai authorities handed him over based on the friendly relations between the two countries.

The police also attached his property worth Rs 19.44 crore.

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