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August 21, 2001
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Money > Business Headlines > Report August 21, 2001 |
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Cops seek impounding of Krushi Bank ex-chief's passportSyed Amin Jafri in Hyderabad The Andhra Pradesh police have sought the impounding of the passport of K Venkateswara Rao, former chairman of Krushi Cooperative Urban Bank and asked the Immigration officials not to allow the accused to leave the country. Director-General of Police H J Dora on Monday night said in a statement that at a high-level review meeting, it was decided to ask the regional passport officer (Hyderabad) to impound the passport of Venkateswara Rao following his involvement in the Krushi Bank scam. The deputy director, Immigration (Delhi) has also been asked to alert all the (immigration) officers not to allow the accused to leave the country. Dora said that after a raid on the bank premises on Monday, 15 bank accounts that Krushi Bank had with other banks have been frozen. Investigations further revealed that there were bogus overdrafts totaling Rs 200 million besides fake education and motor vehicle loans amounting to Rs 60 million. Most overdraft accounts and loans were not adequately secured. Loans amounting to only Rs 5 million were found to be genuine. Venkateswara Rao had promoted three other companies for which loans were drawn. The Krushi Bank had deposits of Rs 25 million with the Karnataka government and Central government undertakings. The DGP said that all records including computers, of the Krushi Bank have been seized by the state police. An action plan has been prepared by the CID (Crime Investigation Department) to pinpoint the procedural lapses and other gross irregularities committed by the chairman and directors of the Bank. The investigating officers found that small deposits upto Rs 100,000 have insurance cover for which premia was paid upto December 2001. The CID is working on the details. Inspector-General of Police (CID) M M Ratan is heading the special team probing the Krushi Bank scam. Superintendents of Police V R K Mohan Rao, DSP Mohammed Wajid Siddique and a team of 15 officers working exclusively on this case are assisting him. The Detective Department of the Hyderabad City Police would continue to work on the clues that it had secured and assist the CID in further investigations, the DGP said. YOU MAY ALSO WANT TO READ:
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