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Krushi Bank ex-chief's share documents seized

Syed Amin Jafri in Hyderabad

The Crime Investigation Department, probing the Krushi Co-operative Urban Bank scandal, has seized the documents pertaining to share transactions done by the bank's former chairman and main accused K Venkateswara Rao.

The CID officials raided the office of Kanaka Varsha Securities at Abids through which Rao had carried out the share business with the money diverted from the bank.

Several documents relating to the share transactions of Rao were seized during the raid.

Rao reportedly invested about Rs 20 million in the share business. He had initially earned a lot of money through the share business but lost heavily later. A dozen employees of the Bank were also questioned by the CID teams to assess the amount of money diverted by Rao from the bank.

The CID seized nine vehicles, including Mercedes Benz cars, which were being used by Krushi Bank chairman and other directors.

The two Mercedes cars, one Tata Sumo and one Maruti car were used by Venkateswara Rao. The other vehicles seized were three Tata Indica cars, one of which was being used by former vice-chairman of the bank K Venugopal Rao, brother of Venkateswara Rao.

One Opel Astra car, being used by a Bank director EV Prasad and a motorcycle used by another director K Ramamurthy, were also among the vehicles seized.

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