A person who is reportedly connected to the Krushi Cooperative Urban bank case was detained by the telangana Crime Investigation Department. Along with chairman and managing director K Venkateshwara Rao and other directors, the guy Kagithala Sreedhar (51), director of Krushi Co-operative Urban bank, Ranigunj, Secunderabad, presently residing in Andhra Pradesh, is a suspect in the case for misappropriating Rs. 36.37 crore.
They were the subject of a case that was filed at the Mahankali police station in 2001 and then sent to the CID for in-depth investigation. Due to Sreedhar's absence from the court hearings, the judge issued an NBW against him. He was apprehended by a special squad in the west godavari district of A.P. State's Palakollu mandal.
One M.V. Kumar filed a complaint with the Mahankali police in 2001 on behalf of other bank depositors alleging that the bank's chairman and managing director Kosaraju Venkateshwara Rao, directors, and employees had embezzled Rs. 36.37 crore by receiving deposits from unwitting clients and that the bank had shut down on august 11, 2001, not making any payments even after maturity. The monies were transferred to bogus lending accounts as part of the criminal conspiracy. Ultimately, the CID received the case.
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