ACB unearths Rs. 83 lakh assets and Rs.52 lakhs respectively
Hyderabad, September 20, 2007The officials of the Anti Corruption Bureau (ACB) unearthed disproportionate assets worth over Rs.83 lakhs belong to to S Yellamanda Reddy, General Manager of AP Industrial Development Corporation (APIDC) in the State Capital on Thursday. Simultaneous searches are conducted in the city and Prakasam district, both in the office and at residence of the accused officer. The officials also conducted searches the houses of his close relatives.
The ACB officials found that the accused officer owned a plot with three storeyed building at Srinagar Colony, a plot at Kukatpally and two acres of agricultural land at Chevella. They also found that he was operating nine bank accounts in his name and his family members with a total bank balance of Rs.11.50 lakh, a costly car worth over Rs.6.5 lakh besides household articles worth Rs.4 lakhs. The accused also invested Rs.6 lakhs in shares and policies. The ACB officials arrested and will be produced in the special court for ACB.
In another case, the officials of ACB unearthed disproportionate assets worth over Rs.52 lakhs belonging to U Malakondaih, CTO at Ramachandrapuram of East Godavari. He owned three flats in Guntur, one apartment and two plots in Nellore and had fixed deposits of Rs.5lakhs and household articles worth over Rs.8 lakhs. According to a press release the searches are continuing.
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