CID searches nine houses

Hyderabad: Andhra Pradesh CID sleuths raided the houses of at least nine people on Tuesday including that of Ratna Agro Vet Feeds India MD Matta Thomas Alva Edison in connection with the AP State Housing Corporation Limited scam.

A gang including former managerial staff of  SBH had liquidated and siphoned off nearly FDs worth Rs 35 crore from three banks, including two from Hyderabad last year. The fixed deposits were maintained by the official liquidator of the AP State Housing Corporation. Following a complaint from the liquidator, AP CID had booked a case and started an investigation in December 2014.

The FDs worth Rs 8.5 crore from SBH's Malkajgiri branch and Rs 2.97 crore from SBH's Singapore Township branch were siphoned off by the gang. The CID is still investigating the case. A former employee of SBH was earlier taken into custody.