Daijiworld Media Network - Mangaluru (SP)

Mangaluru, Jan 25: It is gathered that the police have concluded investigation into Rs 55 crore worth fraud on Karnataka Rural Infrastructure Development Corporation (KRIDL) involving diversion of funds deposited in Kulai branch of Indian Overseas Bank.

The arrested accused had given the name of the kingpin of the fraud plan as Amit Harish Dave (38), but the police found during the investigation that he is not the kingpin. Dave, who was arrested by the emigration police at Mumbai, was given to the custody of Suratkal police. During a week's police custody, the police found out that he was not the main accused. He was returned to jail on January 23 and is currently said to be in judicial custody till February 5.

Police have identified one person from Chennai and another from Kolkata as the main accused. Out of them, one who was arrested by Central Bureau of Investigation relating to different cases is lodged by a jail at Hyderabad, sources stated.

Sometime back, KRIDL officials had complained that Rs 55 crore deposited by the corporation with Indian Overseas Bank had been diverted without their consent. Finance officer of the corporation, Veeranagouda Patil, had filed complaint in Suratkal police station. He also got arrested in the case. The other arrested accused, Serin Madhusudan, who was the bank manager, Abdul Salaml from Bantwal, Sijo K Jose from Kerala, Jerry Paul from Mandya and Sunil from Kerala were arrested and five crore rupees were recovered from them. They had told the police that the remaining amount is with the main accused.

In the meanwhile, the criminal investigation department investigation ordered into this fraud has not shown any progress, sources revealed.