CID arrest Krushi Bank Director in Ranigunj

Hyderabad: The Telangana Crime Investigation Department officials arrested one of the accused of Krushi Co-Operative Urban bank case by executing a non-bail warrant. The accused was produced before the court.

The accused was Kagithala Sreedhar, 51, Director of Krushi Co-operative Urban Bank, Ranigunj, Secunderabad, resident of Andhra Pradesh. Sreedhar is involved in the crime and avoiding the Court proceedings. An NBW is pending against him at MSJ-Special Court, Nampally, Hyderabad.

In 2001, one M V Kumar along with other depositors of Krushi Co-operative Urban Bank Ltd, lodged a complaint with the Mahankali Police stating that the

Chairman and MD Kosaraju Venkateshwara Rao and other directors and staff of the bank had misappropriated an amount of Rs: 36.37 Crores by collecting deposits from the innocents and closed its shutters on August 11, 2001 without making payments to them even after maturity. In pursuance of criminal conspiracy amongst them, the funds belonging to the depositors were withdraw from the bank systematically by creating fictitious loan accounts, fabricating documents, falsification of records and accounts. Cases were registered and it was transferred to CID for further investigation.