Hyderabad: The Central Bureau of Investigation conducted searches at the house and office of a field officer of Andhra Pradesh Grameena Vikas Bank, Isnapur branch after registering a disproportionate assets case against his known sources of income.
According to the CBI, Peddasetty Durga Prasad, the field officer earned exorbitantly between 2016-2017, which is disproportionate to his known sources of income. The CBI said that the man had diverted the funds from the bank to invest in the stock market.
The CBI received information that since 2016, the accused had created a fake housing loan account in the name of existing borrowers without their knowledge, and transferred the amount to his personal accounts with Kotak Bank and HDFC bank.
During the searches, CBI found that Prasad was in possession of assets to the tune of Rs 11,46,29,721. The officials also found that his income between January 2016 and August 2017 was about Rs 8.50 lakh.
The CBI registered a case under Section 13 (2) r/w 13 (1) (e) of Prevention of Corruption Act, 1998.
