Hyderabad: Official who earned Rs 8.50 lakh, spent Rs 11.11 crore!

This came to light when the investigating agency assessed his income, investments and expenditure for the period.

Published: 12th June 2018 05:46 AM  |   Last Updated: 12th June 2018 05:46 AM   |  A+A-

money, 500 currency, cash

Representational Image (File | PTI)

Express News Service

HYDERABAD:Peddasetty Durga Prasad, field officer of Andhra Pradesh Grameena Vikas Bank’s Isnapur branch in Patancheru near here, who was caught for allegedly amassing illegal assets by the Central Bureau of Investigation (CBI) a few days ago, had spent a whopping Rs 11.11 crore in a period of 20 months from January 1, 2016 to August 31, 2017 though his total salary for the same period was Rs 8.50 lakh. This came to light when the investigating agency assessed his income, investments and expenditure for the period.

Durga Prasad allegedly withdrew funds to the tune of Rs 11.11 crore by creating fake housing loan accounts in the name of existing borrowers without their knowledge and subsequently transferred the amount to his 15 personal accounts maintained with several banks. “Between January 1, 2016 and August 31, 2017, he had amassed Rs 11.46 crore illegal assets and invested in several banks, purchased properties and mutual funds,’’ sources in CBI told Express.

Investigation so far revealed that besides the Rs 11.11 crore ill-gotten money which he invested in the share market, the accused officer deposited the remaining amount of Rs 44.12 lakh in his personal accounts with HDFC Bank, Karkhana (Rs 34,613); Kotak Mahindra Bank, Banjara Hills (Rs 10,000 & Rs 2.83 lakh); Kotak Securities Trading account (Rs 40.18 lakh); APGVB, Isnapur (Rs 180); SBI (Rs 1,714); IDFC Mutual Fund (Rs 2,566); DSP Black Rock (Rs 61,000). “We have assessed the income and investments of the accused officer. His wife and one child are living in a rented flat. His wife Lavanya is working as assistant manager of a bank and his father-in-law is a retired postal service officer.”

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  • Sitaram

    A mini Nirav Modi type of scam. Probably no other person knew of fake housing loan accounts or even if known ignored on the assumption that the Field Officer is beyond corruption. PNB Branch where the scam took place supervisors
    1 year ago reply
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