MD of Telugu Daily held for alleged bank fraud

HYDERABAD: The managing director of a Telugu daily, Nukarapu Suryaprakasha Rao, was arrested by the Central Bureau of Investigation (CBI) for allegedly duping the Vijaya Bank. He was produced before the Special CBI Court and released upon submitting a personal bond for Rs 20,000. The matter has been adjourned for Thursday. According to sources, Suryaprakasha Rao and his associates had allegedly submitted fake documents and obtained a loan of Rs 2.64 crore from the Anantapur branch of the bank in 1996. The other accused in the case are Cyril D'Souza, manager of Vijaya Bank, K V Narayana, real estate agent, G Saradha Rao and HBR Shetty.
The CBI registered cases against the accused under sections 120 B (criminal conspiracy) and 420 of the IPC (cheating) following a complaint by the bank authorities.