Krushi Bank depositors to get back money

Krushi Bank depositors to get back money

The Rs. 32 crore scam of Krushi Co-operative Urban Bank has rocked Andhra Pradesh eleven years ago. Now, a big relief for the depositors is that 196 of them will be paid back their dues of over Rs 1.92 crore on Saturday at the chief metropolitan magistrate court in Nampally.
Krushi Bank chairman Kosaraju Venkateswara Rao, the prime accused in the scam, fled the country after the scam came to light in 2001. He was arrested by the interpol in Bangkok and handed over to the Indian police. He was later sent to the Chanchalguda jail.
The court has directed the officials to pay back money to the depositors, with the amount collected from the auctions of Krushi Bank’s chairman assets.