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August 17, 2001
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Money > Business Headlines > Report August 17, 2001 |
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Cops file another case against Krushi officialsSyed Amin Jafri in Hyderabad The Hyderabad police have filed another criminal case against the directors of the superceded board of Krushi Co-operative Urban Bank. The police have also sought extradition of the bank's former chairman K Venkateswara Rao who was reportedly away in the United States. Disclosing this to newsmen on Thursday night, Hyderabad Police Commissioner Pervaram Ramulu said that a group of 35 panicky depositors led by T Rajeshwar Rao of Secunderabad had given a complaint to him that the bank had failed top return their deposits. He ordered for registration of a criminal case and entrusted it to the Detective Department of the City Police for investigation. The commissioner said that the city police would make a request to the state government to seek extradition of the Bank's chairman who was stated to be in the United States. He said that if it were proved in the investigations that the bank had defrauded the depositors, further action would be taken. It may be recalled that the Mahankali police, under whose jurisdiction the Krushi Bank's lone branch is located, has already booked a case against the bank's directors and management vide CC No. 156/2000 under sections 406 and 420 of the Indian Penal Code (IPC) on August 15. The commissioner said that the police had grilled the Bank's vice-chairman K Venugopal Rao, brother of the chairman K Venkateswara Rao. However, Venugopal Rao, who has studied only up to seventh class, denied any knowledge of the goings-on in the bank. According to sources, the police are contemplating invoking the AP Protection of Depositors of Financial Establishments Act, 1999, against the directors and chairman of the superceded board of Krushi Bank. The Act, enacted to protect the interests of small investors and check the activities of fly-by-night operators, enables investigating agencies to seize the properties of promoters of bogus financial institutions cheating the depositors. The Act has so far been invoked against the promoters of finance companies and chit funds which cheated the depositors and investors. YOU MAY ALSO WANT TO READ:
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