In all, 23 depositors who lost money following the liquidation of Krushi Bank received cheques from the liquidator of the bank on Wednesday.
The Krushi Co-operative Urban Bank Ltd., Secunderabad, was closed down on August 11, 2001 without making payments to its depositors. A case was registered by the Mahankali police station in this regard. The CID took up the investigation and attached properties of the bank.
In order to recover the depositors’ money, the High Court ordered an auction of the attached properties. Accordingly, an auction was conducted and the money raised was handed over to the victims. As of now, nine rounds of auctions have been conducted, which raised Rs 13.14 crore and were paid to more than 700 depositors.
Upon noticing that another 173 depositors were yet to receive the money, Â Additional Director General of Telangana, CID, Mahesh Bhagwat formed teams to trace the victims. In all, 75 depositors were identified and after scrutinising their documents, the liquidator has finalised 31 depositors to whom Rs 8,05,919 need to be disbursed.
An amount of Rs 6,83,042 was handed over to 23 by liquidator B Rani in the presence of Bhagwat, Metropolitan Sessions Judge and Chairperson of Metropolitan Legal Services Authority, Hyderabad, Â S Premavathi and Secretary, Metropolitan Legal Service Authority Radhika Jaiswal.
The CID ADG commended the efforts of Superintendent of Police, Economic Offences Wing, K. Venkata Laxmi, SP PCR Lavanya Naik, DSPs Venkat Reddy, A Laxminarayana, Inspector Muralikumar and their team for tracing the depositors. He then asked the victims to be careful while depositing money with RBI recognised non-banking financial institutions. Further efforts to identify the remaining 100 depositors and to return back around Rs 50 lakh will be continued.
