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Another Krushi director surrenders

Syed Amin Jafri in Hyderabad

Potharaju David Deena Chakravarthy, one of the directors of the Krushi Co-operative Urban Bank who was on the run, surrendered before the Crime Investigation Department on Wednesday evening.

Another accused, K V V N Satish, a computer systems administrator and nephew of the Bank's former chairman K Venkateswara Rao, surrendered before a CID team which rushed to Bangalore on his trail.

A resident of the city, the 28-year-old Chakravarthy carried a reward of Rs 500,000 on him. He was absconding along with other directors and chairman ever since the closure of the bank on August 11.

He walked into the office of CID DSP and investigating officer Mohammed Wajid Siddique and surrendered.

State police spokesman Shujath Ali said that both the accused would be produced before the Metropolitan Sessions Judge K C Bhanu in Hyderabad on Thursday and the CID would seek their police custody for interrogation.

During questioning, Chakravarthy confessed that he initially worked as an employee in a finance company run by bank chairman Venkateswara Rao but he was later made a director of the Bank. He told the CID that he had mobilised deposits to the tune of Rs 50 million for the Bank and was paid directors' fees of Rs 10,000 per month.

Satish, a systems administrator of the bank, worked as assistant to Venkateswara Rao and handled sundry and odd jobs for him. He was promised a job in Halcyon Softech Limited, a software company owned by Venkateswara Rao.

The CID hoped to ferret out more details on financial transactions of Venkateswara Rao from him.

Police spokesman said that Ambati Ramakrishna, systems administrator who had surrendered to the CID three days ago, had helped the investigating teams in getting access to the data stored in the bank's computers, particularly the details of the transactions made by Venkateswara Rao.

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