A special RBI team on Friday commenced auditing accounts of the crisis-ridden Krushi Urban Co-Operative Bank even as police launched a manhunt to nab the bank's chairman and board of directors, whose properties are being confiscated.
The CID, which is probing the financial scandal, has asked the state registration department not to entertain any transactions of property in the city owned by the bank's chairman Venkateshwar Rao, a police release said.
Preliminary investigation revealed that Rao owned 6,750 sq ft space on two floors of a multi-storeyed complex at Panjagutta in the city, it said.
Meanwhile, the authorities have already confiscated a house, worth Rs one crore, belonging to Rao at his native village in Krishna district and another property worth Rs 40 lakh in Visakhapatnam.
Ten special police teams have been formed to pursue leads to nab the chairman and directors of the city-based bank for allegedly swindling the depositors' money.
Krushi Bank, one of the 76 urban co-operative banks in the city, is embroiled in a financial scandal amid allegations of asset-liability mismanagement.

Bureau Report