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September 5, 2001
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Money > Business Headlines > Report September 5, 2001 |
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Police launch manhunt for Krushi ex-chairman's nephewSyed Amin Jafri in Hyderabad The Crime Investigation Department teams investigating the Krushi Co-operative Urban Bank scandal have fanned out to Bangalore to nab a nephew of the bank's absconding former chairman K Venkateswara Rao. "We are on the look-out for Kuchapudi Veeera Venkata Naga Satish, a resident of Mudunur near Gudivada, who is a nephew of Venkateswara Rao. Satish is privy to vital information on the bank's affairs, particularly the transactions involving the bank's former chairman, who had siphoned off funds," a state police official told rediff.com on Wednesday. The CID got clues on Satish's role in assisting the Bank's former chairman from the Bank's computer systems administrator Ambati Ramakrishna who had surrendered to the police. The accused was produced before Metropolitan Sessions Judge K C Bhanu on Tuesday evening and remanded to CID custody till September 7. However, the court directed the police not to use third-degree methods during interrogation. As systems administrator and hardware expert in Krushi Bank, the 25-year-old Ramakrishna was in-charge of servers, databases, user passwords, entry of transactions and other important operations. He told the investigating teams that he had used passwords like 'sultan', 'dep-mast' and 'bank123' from 1998 to August 2001. The CID charged him with cheating, misappropriation and violation of Section 5 of AP Protection of Depositors of Financial Establishments Act. The police was hopeful of eliciting crucial information from Ramakrishna since he monitored the entire transactions of the bank till it suspended its operations on August 11, 2001. The CID were accessing the confidential computerised records of the bank to figure out the amounts diverted from the bank to Venkateswara Rao's accounts in other banks and share business. Meanwhile, the CID has seized a locker of the State Bank of India branch at Ventrapragada in Krishna district. It was in the name of Krushi Bank ex-chairman Venkateswara Rao's parents. |
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