Hyderabad, Sep 11th: Mr. Kosaraju Venkateswara Rao, the prime accused in the Rs.32 crore Krushi Bank scam, is finally released out on bail from the Chanchalguda central jail, on Friday after he secured bail from the first additional metropolitan magistrate. His relatives put up four sureties of Rs 50 lakh each. After spending more than three years behind bars, the former chairman of Krushi Cooperative Urban Bank walked out of the jail, denying that he duped anybody and promising to pay money to the depositors.
After coming out of prison, Mr. Rao said the court has refunded Rs 22 crore to depositors by auctioning his properties. He claimed he had to pay only Rs 4 crore to depositors. Mr. Rao denied allegations that he duped depositors. “Justice will be done to every depositor”, he added. 'It was not a scam. Several top banks were closed down in the country because of various reasons,' he said. Asked about his escape to Bangkok when the bank was in crises, he said he had to flee to Bangkok as he was facing threat to his life from 'some elements'.
After coming out of prison, Mr. Rao said the court has refunded Rs 22 crore to depositors by auctioning his properties. He claimed he had to pay only Rs 4 crore to depositors. Mr. Rao denied allegations that he duped depositors. “Justice will be done to every depositor”, he added. 'It was not a scam. Several top banks were closed down in the country because of various reasons,' he said. Asked about his escape to Bangkok when the bank was in crises, he said he had to flee to Bangkok as he was facing threat to his life from 'some elements'.
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