Cash, gold worth Rs 60 Cr recovered from bank lockers of lineman turned engineer at Vizag
Anti-Corruption Bureau (ACB) recovered 1.7 kg of gold ornaments, Rs 4.53 lakh cash, and fixed deposits worth Rs 41 lakh from the bank locker of Assistant Executive Engineer of APEPDCL Madem Nageswara Rao in Vizag city.
By Newsmeter Network Published on 30 Jan 2021 3:50 AM GMT
Visakhapatnam: Anti-Corruption Bureau (ACB) recovered 1.7 kg of gold ornaments, Rs 4.53 lakh cash, and fixed deposits worth Rs 41 lakh from the bank locker of Assistant Executive Engineer of APEPDCL Madem Nageswara Rao in Vizag city.
ACB officials will open one more bank locker of Rao at Hyderabad on Saturday.
ACB officials said so far they have opened three bank lockers of Rao. On Friday, they recovered gold, cash, and fixed deposits from the bank locker. ACB also found some bank balance in the name of Rao's family members.
Reinstated in 2013 after being dismissed from service for 10 years on corruption charges, M Nageswara Rao landed in the ACB trap for the second time on Thursday. He was arrested and produced before the special ACB court in Vizag.
So far Rs 4.6 crore worth of assets including cash, gold, land holdings, houses, and others have been unearthed. The value of the assets could be over Rs 60 crore as per the market rates.
ACB has registered a case against Rao and produced him before the ACB court in Vizag city which sent him to remand till February.
Madem Nageswara Rao was reinstated in 2013 after being dismissed from service for 10 years over corruption. The ACB sleuths on Thursday unearthed illegal assets (movable and immovable) worth Rs 50 crore. ACB officials said that Madem Nageswara Rao had joined the Visakhapatnam electricity department as a lineman in 1991.
He was promoted to sub-engineer in 1992. He was earlier trapped by ACB in 1994 and was convicted and dismissed from services in 2003.
After 10 years, he was reinstated in 2013 as Sub-Engineer and promoted as AEE in 2014. ACB sleuths raided 12 places including Visalakshinagar, MVP Colony, Madhurawada, and Rambilli in Vizag city.
ACB DSP Shakila Bhanu said that during the course of searches, they have seized the illegal assets of Rao and his family members, which include two houses, three house flats (including a luxury flat in Vizag city), two vehicles and fixed deposits worth Rs 1.11 crore.
She said that their preliminary investigation has revealed that Rao was possessing disproportionate assets over and above his known sources of income. As per the registered value, the seized illegal assets could be worth Rs 3.88 crore
