Action at last: Property of Krushi Bank at auction in Hyderabad on Saturday. Photo: Mohd. Yousuf

HYDERABAD: The sale of vehicles belonging to the defunct Krushi Cooperative Urban Bank Limited, including two Mercedes Benz, in a public auction here on Saturday fetched Rs. 32.13 lakhs.

The auction was conducted by the Crime Investigation Department (CID) on court orders. The CID, which is investigating the case, was permitted by the Metropolitan Sessions Judge court to attach property to the tune of Rs. 19.5 crores out of the Rs. 32.5 crores asset base of the bank to repay depositors.

The auction saw the sale of two Mercedes Benz cars of 2000 model, an Opel Astra car (1998), a Maruti Suzuki (1997), a Cielo car, a tractor, trolley and a scooter. The fixed assets of the bank, including buildings, would be disposed of through another auction in June.

The bidding was supervised by the CID Additional Director General, R.R. Girish Kumar, the Police Transport Organisation Additional Director General, M. Bhaskar, the Road Transport Authority secretary, C.L.N. Gandhi, and the CID Deputy Inspector General, C.V. Anand.

The participants paid an Earnest Money Deposit of Rs. 5,000 each which was refundable.

Only the tractor-trolley and the scooter could not be sold in the first round of bidding as the upset price that was fixed was considered too high. The price was revised in the second round leading to the sale of all the remaining six vehicles.

A highly competitive bidding was witnessed for one of the two Benz cars between an automobile dealer, C. Sriram, and a bank depositor, Satish.

Finally, Mr. Sriram won the bid at a value of Rs. 16.85 lakhs. The upset price of the vehicle was fixed at Rs. 10 lakhs. The other Benz was sold for Rs. 9.95 lakhs.

Speaking to reporters later, Mr. Girish Kumar said the proceedings from the auction would be deposited in the court. He said the CID hoped to net Rs. 38 lakhs but failed marginally.

On the disappearance of the bank chairman, K. Venkateswara Rao, he said the services of the Interpol were sought to extradite him from an Asian country.

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