Two exofficials of APWCFC under CID scanner

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HYDERABAD: The Crime Investigation Department (CID) is going after two former top officials of the AP Women's Cooperative Finance ..

HYDERABAD: The Crime Investigation Department (CID) is going after two former top officials of the AP Women's Cooperative Finance Corporation (APWCFC) who allegedly swiped large sums of money by colluding in fraud. The watchdog agency of the state police on Wednesday registered cases against the duo, and its teams searched their houses and reportedly seized some documents.
A Kishan was managing director of the corporation from March 11, 2006 to Feb. 12, 2008 and his alleged collaborator, T Krishnamma, was chairperson from Jan. 21, 2005 to Jan. 20, 2007. Additional directorgeneral of police (CID) S V Ramana Murthy said they carried out several scams while in office, the proceeds of which run into several crore rupees.The scams are alleged to have taken place during the tenure of Krishnamma as chairperson between 2006 and 2008. Under her chairmanship, the corporation sanctioned loans amounting to `25 crore for various projects, of which `7 crore was sanctioned to women in Kadapa district.

Suspecting some irregularities in the sanction of loans, investigators sent notices to some of the 'beneficiaries'. The women protested that they had never taken any loans from the corporation. The government then ordered an inquiry into the irregularities in the corporation.

The FIR filed by CID alleges that Kishan committed several other irregularities all without government approval: he allegedly purchased an offset printing machine worth `1.28 crore; entered into an MoU with private firms worth `89 lakh; diverted funds allocated for various schemes; appointed one V Santosh Kumar as chief executive officer, finance and exports, against such a sanctioned post; issued promotion orders to 64 employees; hired 217 persons through Taruni Placement Agency from May 2007 to March 2008.