Image used for representational purpose only. (File Photo)
Image used for representational purpose only. (File Photo)

Couple on run since 2009 held for fraud

Padma was the director and her husband was an employee of Kanyaka Parameshwari Co-operative Bank in Kukatpally, Hyderabad.

HYDERABAD:  The CID has arrested a couple who had been on the run since 2009 for financial fraud. The couple -- Kakarlapudi Krishna Varma, 65, and his wife Padma, 50 -- were from Gajuwaka in Andhra Pradesh.

Padma was the director and her husband was an employee of Kanyaka Parameshwari Co-operative Bank in Kukatpally, Hyderabad.

According to CID additional DGP Mahesh Bhagavat, the allegations against them were that they had misappropriated Rs 2.86 crore of deposits. The bank’s liquidator, in a complaint registered with the Economic Offences Wing (EOW) of CID, suspected the involvement of the board of directors and employees of the bank in the fraud.

They said the money went out of the bank in the form of benami loans with falsified documents. The CID registered cases under 409, 420, 406, 477-A, Sec 201 IPC, and Sec 5 APPDFE Act, 1999.
The CID filed a charge-sheet in 2015. 

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