The parliamentarian was accused of moving over ₹11.9 crore through the bank accounts of a former IAF officer posted in Delhi.
Published Jan 03, 2023 | 7:48 PM ⚊ Updated Jan 03, 2023 | 7:48 PM
YSRCP MP Balashowry Vallabbhaneni. (Facebook)
The CBI has not found any evidence to prosecute senior politician from Andhra Pradesh Balashowry Vallabbhaneni who was named in an FIR for allegedly moving more than ₹11.9 crore through the bank account of a former IAF officer for the purchase of land, officials said.
The agency had booked former Squadron Leader of Indian Air Force (IAF) Polu Sreedhar posted at Palam Air Force Station here in a 2016 FIR for allegedly amassing assets worth over ₹11.9 crore on a suspicion that he was covering the wealth of Vallabbhaneni, who was also named as accused.
The politician was an ex-parliamentarian at the time of filing of FIR. At present, he is a YSRCP Lok Sabha member.
The agency had alleged that between 1 January 2007, and 31 December 2010, while working as office in-charge at Airforce Station, Palam, Sreedhar amassed assets which were 423 percent more than his known sources of income.
The suspicion was based on the bank deposits, which showed a total of ₹11.96 crore was credited to Sreedhar’s three bank accounts when his total income was around ₹23 lakh, the officials said.
The CBI suspected Vallabbhaneni purchased agricultural land in Najafgarh using this money and was helped by Sreedhar, who allowed his accounts to be used and then Branch Manager Manish Saxena, who allegedly assisted in depositing, withdrawing or transferring the money.
During the investigation, Sreedhar admitted before the CBI that the money transacted using his bank account belonged to the former MP, they said.
In response to the notice issued under Section 91 of the CrPC, the former MP also admitted that money belonged to him, the charge sheet filed recently has alleged.
According to the CBI, Sreedhar returned Vallabbhaneni money, but over ₹40 lakh was found more than the income and assets of the accused IAF officer.
The CBI said the former MP and branch manager could not be prosecuted as there was insufficient evidence of any conspiracy on record which shows that they had abetted the commission of the offence committed by Sreedhar because the land was purchased in the name of Vallabbhaneni with his own money, and Saxena had only opened the bank accounts of the accused.
The agency alleged that the bank could not produce the deposit slip vouchers, etc., claiming them to be old records.
According to the charge sheet, there were no guidelines at the time issued by the RBI that restricted cash withdrawal to some limit from any particular bank account or bank manager.
Saxena was authorised even to allow cash withdrawal of crores of rupees, it said.
The CBI has charge sheeted only Sreedhar and said there was insufficient material to prosecute Vallabbhaneni and Saxena.
