YCP’s Yemmiganuru MLA candidate, Butta Renuka, made it to the headlines recently for her exorbitant wealth. During a recent Siddham meeting, YS Jagan said that Renuka comes from a poor financial background. However, her affidavit revealed that her assets are worth Rs. 161.21 crore.
Meanwhile, it is now revealed that this “poor” lady’s husband Shiva Neelakanta did a big scam a few years ago by setting up a co-operative bank.
Getting into details, Shiva Neelakanta started “Sri Bharati Co-Operative Urban Bank Limited” in Hyderabad a few years ago. He was also the chairman of it. Reportedly, he withdrew over Rs. 70 lakhs illegally by violating norms during her tenure.
On the flip side, cheques issued by members of the bank’s managing committee bounced, sparking accusations of violating rules, using the CEO as a dummy and running the bank with evil intentions.
A shareholder of the bank, Subrahmanyam, filed a complaint at Narayanaguda Police Station regarding the same issue. He also revealed that Shiva Neelakanta had defaulted on payments to Central Bank and Andhra Bank.
Later, shareholders criticised the appointment of a former bank defaulter as chairman. The Bharati Co-Operative Urban Bank scandal also reached the Reserve Bank of India (RBI).
Even in RBI’s investigation, Shivaneelakanta’s scam was proven and his bank was imposed with a penalty of Rs. 2 lakhs.
Interestingly, Kurnool MP Dr. Sanjeev Kumar was also one of the victims of this scandal. He was allegedly included in the committee members list without his consent. Sanjeev Kumar discovered his name on the list only after Subrahmanyam issued caution notices to all committee members.
When Sanjeev questioned his inclusion in the committee members list, chairman Shiva Neelakanta claimed it was made by mistake and would be corrected.
Sanjeev alleged that Renuka and Shiva Neelakanta are coming into politics not to serve people, but to manage their own wealth. He stated that they caused significant trouble for banks by neglecting their dues.
