Telangana Crime Investigation Department (CID) has apprehended Kagithala Sreedhar (51), the Director of Krushi Cooperative Urban Bank, Ranigunj, Secunderabad. This arrest marks a major breakthrough in the long-pending Krushi Cooperative Urban Bank case, which has remained unresolved for the past 22 years.
Uncovering the Allegations
Kagithala Sreedhar, along with Chairman and Managing Director K Venkateshwara Rao and other board members, had been under suspicion for their alleged involvement in the misappropriation of a staggering Rs 36.37 crore. This financial malfeasance had cast a shadow of doubt over the bank’s integrity and operations.
A History of Evading Justice
One noteworthy aspect of this case was Kagithala Sreedhar’s continuous absence from court proceedings, which led to the issuance of a Non-Bailable Warrant (NBW) against him. Despite the legal summons, he remained elusive, adding complexity to the investigation.
The Telangana CID, relentless in its pursuit of justice, formed a special team to track down Kagithala Sreedhar. Their diligence bore fruit when they located and arrested him in Palakollu mandal, located in the West Godavari district of Andhra Pradesh. This arrest signifies a major breakthrough in a case that had remained dormant for over two decades.
The Case’s Origins
The roots of this complex case trace back to the year 2001 when it was first registered at Mahankali police station. Subsequently, the case was transferred to the CID for a comprehensive and thorough investigation.
This recent arrest of Kagithala Sreedhar brings renewed hope for a resolution to the Krushi Cooperative Urban Bank case, which has lingered in the corridors of justice for far too long.
The Telangana CID is committed to upholding the law and ensuring that those responsible for financial impropriety are held accountable. As this case unfolds, the pursuit of truth and justice continues unabated.
The Telangana Crime Investigation Department has made a significant arrest in the ongoing Krushi Cooperative Urban Bank case. The suspect in question is Kagithala Sreedhar, a 51-year-old man who currently resides in Andhra Pradesh. Sreedhar, who serves as the Director of Krushi Cooperative Urban Bank in Ranigunj, Secunderabad, has long been under suspicion for his alleged involvement in a major financial misappropriation, amounting to a staggering Rs. 36.37 crore.
This case originated in 2001 when it was initially registered at the Mahankali police station. Subsequently, it was transferred to the CID for a more comprehensive and thorough investigation.
One notable aspect of this case is Sreedhar’s absence from court proceedings. This absence led to the issuance of a Non-Bailable Warrant (NBW) against him. Despite being a key figure in the case, Sreedhar had managed to evade the legal process.
However, the relentless efforts of a special team from the Telangana CID ultimately paid off when they located and apprehended Kagithala Sreedhar. He was captured in the Palakollu mandal, situated in the West Godavari district of Andhra Pradesh.
This arrest is a significant development in a case that has remained unresolved for a considerable period. It highlights the dedication of law enforcement agencies in their pursuit of justice. As this case unfolds, it is expected to shed light on the alleged financial misappropriation that has plagued the Krushi Cooperative Urban Bank for years.
In a press release issued on Monday, authorities identified the accused as Kagithala Sreedhar, aged 51, who holds the position of Director at Krushi Co-operative Urban Bank, located in Ranigunj, Secunderabad. Sreedhar stands as accused number 3 in this case and has been on the run for a staggering 22 years. However, a breakthrough came on Sunday when a dedicated special team from the CID successfully located and apprehended him in Palakollu. Following his capture, Sreedhar was promptly presented before the court and subsequently remanded to judicial custody. It’s worth noting that a pending Non-Bailable Warrant (NBW) against him remains in effect at the Metropolitan Session Judge-Special Court, Nampally, Hyderabad.
The CID, in collaboration with the Metropolitan Legal Services Authority, has been diligently pursuing this case. The allegations involve a criminal conspiracy among the accused, resulting in the systematic withdrawal of funds from the bank, funds that rightfully belonged to depositors. This illicit scheme encompassed various fraudulent activities, including the creation of fictitious loan accounts, the fabrication of documents, and falsification of records and accounts. The case, initially registered at Mahankali Police Station, was subsequently transferred to the CID on August 21, 2001, for more extensive investigation. Special execution teams, operating under the supervision of B Ram Reddy, SP, CMS, CID, Hyderabad, were constituted for the execution of the NBWs, as directed by ADG, CID Mahesh Bhagwat.
The official statement also revealed that Dr. MV Kumar, along with other depositors of Krushi Co-operative Urban Bank Ltd, filed a complaint with the Mahankali Police in Hyderabad. Their complaint alleged that Chairman and Managing Director Kosaraju Venkateshwara Rao, along with other directors and staff of the bank, had misappropriated an astounding sum of Rs. 36.37 crore. These unscrupulous actions involved the collection of deposits from unsuspecting customers and the abrupt closure of the bank’s operations on August 11, 2001, without fulfilling their financial obligations to the depositors, even after the maturity of their investments.