Krushi Bank chairman in India?

By Our Staff Reporter

HYDERABAD, AUG. 19. In a significant development, the City Police have stumbled upon evidence that Venkateswara Rao, Chairman of Krushi Cooperative Urban Bank, is very much in the country, and not in the US as has been believed by everybody, including the police, since the closure of the bank one week ago.

The City Police Commissioner, Mr. P. Ramulu, said on Friday that investigations had revealed that five days ago Venkateswara Rao's wife was dropped at her parents' place in an Opel Astra car at Nayudupalem village near Eluru town. The car was seized and brought to Hyderabad on Sunday morning. "Venkateswara Rao took precautionary measures not to be traced by not travelling along with his wife in the car", Mr. Ramulu said.

However, Venkateswara Rao's wife was not found at her parents' house. Her parents gave indistinct replies such as "she went to some of our relatives' house", he said.

Mr. K. Narasimha Rao, Deputy Commissioner of Police, Detective Department, said that the searches conducted on Sunday at the rented house of Venkateswara Rao and at the bank yielded information about the illegal transactions made by him. Some of the directors of the bank might be nabbed within one or two days, he said. Instructions had been issued for seizure of his passport.

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Section  : Southern States
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