The Hindu : Andhra Pradesh / Hyderabad News : Documents seized from Krushi chief's e-locker

Online edition of India's National Newspaper
Thursday, Jul 06, 2006

Andhra Pradesh

Andhra Pradesh - Hyderabad

Documents seized from Krushi chief's e-locker

Staff Reporter

Another CID team searches his father-in-law's house

LAW CATCHES UP: Krushi Bank chairman Kosaraju Venkateswara Rao (left) smiles at an acquaintance where the lockers of the Global Group Securities were opened at Methodist Complex in Abids on Wednesday. — PHOTO : P.V.Sivakumar

HYDERABAD: The police on Wednesday opened the electronic locker of Krushi chief K. Venkateswara Rao, who is presently in their custody after being recently extradited from Thailand, in his erstwhile stock broking office at Abids.

Some papers were seized from the locker in the presence of Rao, said Crime Investigation Department Additional DG M. Ratan in a press release. The papers pertained to correspondence dating to 1998 and were addressed to Jawahar Cooperative Urban Bank from HOUSEFED and Andhra Pradesh State Cooperative Labour Contract Societies Federation.

Rao used to operate a stock broking agency christened Kanakavarsha Securities office - which was located in Leonine Estate, a commercial complex in Abids. The office was closed days before the bank scam came to light in 2001.

Police then searched the office but could not open the locker since its password was not known.

On Wednesday, the CID officials brought Rao to the office and broke open the locker since he failed to reveal its code.

Meanwhile, another team of the CID searched the house of Rao's father-in-law Akkineni Babu Rao at Naidugudem village of West Godavari district. Some documents were seized from this house too.

"I'll pay back depositors by selling off my assets," said Rao.

When reporters of television news channel managed to reach him even as the police was whisking him away, he said that he was ready to pay back the depositors' money by selling his assets. This was the first time Rao spoke to media after being brought from Thailand to city on June 27.

To another question, he said that no police higher-up was behind him. Responding to another query, he said he did not have any serious threat to his life but would say everything before the judge.

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Andhra Pradesh