The depositors of Krushi Cooperative Urban Bank heaved a sigh of relief after a city court directed officials concerned to release their savings as per records.
Talking to media persons on Monday, Additional Director General of Police Shivnarayana stated that the Metropolitan Sessions Court at Nampally has directed officials to pay back money deposited in the bank before it became defunct.
The court's orders came in after a customer filed a petition seeking relief.
The bank had collected deposits to the tune of about Rs. 14 crore from 878 customers. The court directed the officials to pay the depositors the money, which was in possession of the court, as per the records.
The main accused in the case, Kosaraju Venkateswara Rao, had fled the country when the scam came to light during the Telugu Desam regime. He was arrested by the Bangkok police after 4 years of manhunt, and handed over to the Indian police.