Absconding bank director nabbed in West Godavari
The complainants alleged that Sreedhar had collected deposits from them but failed to make payments even after maturity.
HYDERABAD: Kagithala Sreedhar, director of Krushi Cooperative Urban Bank, has been apprehended in West Godavari by the Special Execution Team of the Criminal Investigation Department (CID). Sreedhar was wanted in connection with a 2001 bank fraud worth Rs 36 crore.
The scheme, orchestrated by Kosaraju Venkateshwara Rao the then CMD of the bank and other directors, came to light after depositors filed a complaint in 2001. The complainants alleged that Sreedhar had collected deposits from them but failed to make payments even after maturity.
Investigators found that funds belonging to depositors had been siphoned off by the bank’s management through various fraudulent means, including creating fictitious loan accounts, fabricating documents, and falsifying records and accounts.
Multiple charges were filed against the bank’s operators, including Sections 406, 416, 420, 468, 471, 477A, 120 (B), and Section 5 of the APPDFE Act 1999 at the Mahankali Police Station. While the matter is in court, the CID noted that Sreedhar had been untraceable. Acting on this, the Telangana NBW (Non-Bailable Warrant) Special Execution Team traced him to Palakollu in Andhra Pradesh and nabbed him. Sreedhar has been produced before the court and subsequently remanded.