HYDERABAD: More than 15 employees of various public sector banks and government-owned Life Insurance Corporation of India, who were involved in a collateral security scam over 80-crores, had allegedly connived with the arrested persons and received monetary benefits for favouring the accused.
Though the accused had revealed the names of the officials, police said that they will not be able to frame charges of corruption immediately against them as their involvement needs to be established.
The kingpin of the scam, Marella Srinivas, had pulled off the scam with the support of officials and made around `20 crore in the form of commissions. Rachakonda police said that they would write to the RBI to blacklist Srinivas. After his arrest, Srinivas revealed the names of a retired sub-registrar and joint sub-registrar of Moosapet, three employees each of Central Bank of India’s Ranigunj branch, Canara Bank’s Saidabad branch, Corporation Bank’s Vanasthalipuram branch, Andhra Bank’s SME Uppal branch and SBH’s ICRISAT branch at Patancheru.
Valuators, legal advisers and branch manager of the above-mentioned banks had allegedly connived with the suspects and done favours for monetary benefits, Srinivas informed the police. Officials of the registration department had helped them execute the sale deeds in the names of impersonators.
It is clearly evident that all the officials named in Srinivas’ confession were negligent in performing their duties due to which they did not verify the authenticity of the documents he submitted for collateral security and did not physically verify the properties he mentioned.
But his claims of paying them for the favours received cannot be established due to lack of evidence. He claims to have paid the amounts in cash which has no proof. “This is a big task ahead now to establish his claims and only after that can we frame the relevant charges against the officials. If we frame the charges with inadequate evidences, they will not stand in court of law. We are exploring all possible ways to establish the claims.” an investigating official said.