CID auctioned my properties for < its actual value:

Hyderabad, Sept 14 :

 The prime accused in the Krushi Bank scam, Kosaraju Venkateswara Rao, on Monday alleged that the Crime Investigation Department (CID) auctioned my properties for less than its actual value.

Venkateswara Rao stated that the worth of all attached properties would be around Rs 85 crore. Talking to media, he alleged that the property located at Punjagutta was auctioned for a nominal price causing heavy loss to him and benefitting the syndicate of buyers. "In 2006, when the auction was conducted, the market value of the property was very high. But, the property was auctioned for a nominal value. They deposited the amount of Rs 10.65 crore in the court after auctioning the property. They didn't distribute the amount to the depositors,” he stated.

“Had I been allowed to sell it, the money from G S Chambers alone would have been enough to settle my debts. Auction was put off twice by the CID as they didn't get the desired price," said Mr Rao.However, CID officials refuted the allegations and said that the property was sold for much more than the market value.