AP: HC rejects bail plea of Krishi Bank chairman

Hyderabad, Apr 24: The Andhra Pradesh High Court today rejected the bail petition filed by Krishi Bank Chairman K Venkatewara Rao, arrested in connection with the bank scam to the tune of Rs 50 crore.

After hearing the arguments from the counsel of the petitioner and the prosecution, Justice Yathirajulu denied bail to Rao, who was extradited from Thailand after being accused of cheating depositors in the multi-crore scam last year.

He was accused of taking loans in the names of fictitious companies and later disappeared after closing the bank.

The accused was extradited from Thailand by the state police last year.

UNI