SC sanctions bail to Krushi bank chairman

The Supreme Court on Monday granted conditional bail to Krushi Bank former chairman K Venkateswara Rao, who fled the country eight years ago after allegedly duping 8,300 depositors of nearly Rs 32 crores in Hyderabad. The apex court, while granting bail to Venkateshwara Rao asked him to deposit Rs 2 crore in the court on a personal bond.

Rao had transferred huge amounts into the bank accounts of his family members a few days before the bank ran into financial crisis. The CID had kept him in the Chanchalguda Jail. The CID had already arrested 23 persons, including the bank's directors, soon after the bank ran into a financial crisis amidst allegations of misappropriating depositors' money in August 2001.