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Krushi Bank official remanded to CID custody

Syed Amin Jafri in Hyderabad

K Venugopal Rao, former vice-chairman of the Krushi Co-operative Urban Bank and an accused in the bank scam case, has been remanded to CID custody for five days on Saturday.

Venugopal Rao was produced in the court of the Metropolitan Sessions Judge K C Bhanu who ordered CID remand for him for further interrogation.

The CID has charged Venugopal Rao with misappropriating the funds of the depositors of the Krushi Bank. Venugopal Rao is the younger brother of the Bank's former chairman Venkateswara Rao who had appointed him as vice-chairman.

Venugopal Rao signed important documents which were used for withdrawing huge sums from the bank by Venkateswara Rao, the CID alleged.

Meanwhile, the police investigating teams have identified yet another property owned by the fugitive former chairman of the bank.

Venkateswara Rao was identified as the owner of 55 acres of land in Nuzvid in Krishna district. The land, worth Rs 7.5 million, has been 'seized' by the police.

However, the police teams, which are on the look-out for Venkateswara Rao and eight other former directors, could not trace them out so far.

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