KARIMNAGAR: Karimnagar police arrested a man accused of cheating banks to the tune of `1 crore and absconding for the past 13 years. To avoid arrest, Kundana Srinivas Rao alias Shashanka Rao, stayed at different places in Telangana and Andhra Pradesh. For some time, he even had to resort to begging in Tirumala.
Speaking to mediapersons on Tuesday, Commissioner of Police VB Kamalasan Reddy said that the accused hails from Nizamabad and graduated in mechanical engineering from Kakatiya Institute of Technology and Science, Warangal in 1991.
He worked as a lecturer till 2006. In order to make easy money, he began to create fake Kisan Vikas bond papers and mortgage them with banks. In this way, he duped banks in Karimnagar, Warangal, Nizamabad and Guntur to the tune of Rs 1 crore.
In 2007, a case was registered against Rao by Karimnagar Two Town police and he was nabbed. He was sent to prison and released in 2008. He then worked for some time at hotels in Vijayawada and Tirupati.
Until now, more than 40 non-bailable warrants have been issued against him. He was working as a security guard in a private company in Bangalore when he was nabbed by the police.