Govt official found with assets worth Rs 1.5 cr

Hyderabad,May 0 4: The sub-divisional cooperative officer of Rajendranagar circle Vardineni Venkateswara Rao was found with assets worth more than Rs 1.5 crore by the Anti-Corruption Bureau (ACB) sleuths today.

Though the official value of the assets is put at Rs 1.5 crore, ACB officials said the market value of these assets would be more than Rs 15 crore as the officer was in possession of a house and a flat in the city and also a large chunk of agricultural land in Nellore district.

ACB officials conducted searches on the residences, office and other premises belonging to the officer at Hyderabad, Vijayawada and Nellore and unearthed the assets.

The raids which commenced around 7 a.m went on till evening.

The assets include a house at Madhuranagar in Yousufguda, a flat at Somajiguda, seven housesites, 30 acres of agricultural land in Nellore district and two cars.

Venkateswara Rao was also found in possession of 88 tolas of gold, household articles worth Rs 11 lakh, Rs 11.87 lakh cash at his Hyderabad residence and a bank balance of Rs 95,000.

Venkateswara Rao would be arrested and produced before a special court for ACB cases in Hyderabad.