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CEO behind bars in funds embezzlement case
In the Rs 3.49-crore Jammalamadugu Town Cooperative Credit Society Limited funds embezzlement case, society CEO Srinivasa Balaji has been found to be using Rs 1.35 crore for his personal use.
Jammalamadugu: In the Rs 3.49-crore Jammalamadugu Town Cooperative Credit Society Limited funds embezzlement case, society CEO Srinivasa Balaji has been found to be using Rs 1.35 crore for his personal use.
Parading the CEO before the media at a media conference held at the DSP office here on Tuesday, DSP K Krishnan said that a case has been registered in the local police station on the basis of a complaint lodged with the police by divisional cooperative officer Venkata Subbaiah on September 25 this year.
It may be recalled that the bank chairman Tatireddy Hrushikesha Reddy and Srinivasa Balaji were arrested in connection with the case. The DSP said that investigation by CI Praveen Kumar revealed that Srinivasa Balaji acquired four cars, three Royal Enfield Bullet motorcycles, one scooter, gave Rs 93.46 lakh on loan to friends and has a liquid cash of Rs 6.83 lakh.
The police seized the motor vehicles, bond papers and cash. The CEO was sent for remand. CI Praveen Kumar and SIs Hanumanthu and Srinivasulu (Tonduru) were present at the media conference.
