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August 24, 2001
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Money > Business Headlines > Report August 24, 2001 |
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Over 8,000 Krushi Bank depositors have funds insuredSyed Amin Jafri in Hyderabad As many as 8,144 persons who have deposits of Rs 100,000 or below in the scam-tainted Krushi Co-operative Urban Bank have their money insured with the Deposit Insurance Credit Guarantee Corporation of India. The Crime Investigation Department, which is probing into the Krushi Bank scam, has found that the 8,144 small depositors had deposits aggregating to Rs 193.1 million. The bank authorities were found to have paid the insurance premiums on these deposits up to December 31, 2001 to the DICGC. "Hence, the money of these small depositors is safe and they can hope to get it back after making due claims," a state police spokesman told rediff.com. Meanwhile, the CID teams, which are tracing out the properties owned by K Venkateswara Rao, former chairman of Krushi Bank and the prime accused in the bank scam case, have located another property belonging to him in the city. Police investigations revealed that he owned two floors in a commercial complex at the Nagarjuna Hills near Punjagutta in Hyderabad. This piece of property, with built up space of 6,750 square feet, is estimated to be worth Rs 7 million. This property is being seized by the police. The police spokesman said that the Reserve Bank of India (urban bank division) audit team has taken up inspection of the Krushi Bank accounts. "Many things will come out in the audit. It will indicate the financial health of the Bank and also bring forth the violations of rules and regulations by the bank's board of directors and officials," he added. YOU MAY ALSO WANT TO READ:
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