Ex-IAF officer amasses Rs 11.9 crore assets, lands in CBI net

A former Squadron Leader of Indian Air Force has been booked by CBI for allegedly amassing assets worth over Rs 11.9 crore, with a suspicion that he was covering purported ill gotten wealth of a Telangana-based ex-Member of Parliament, who is also named in the FIR.
It is alleged that during January 1, 2007 to December 31, 2010, the then Squadron Leader Polu Sreedhar amassed assets to the tune of Rs 11.9 crore, which were 423 per cent more than his known sources of income in that period, CBI sources said.
They said a case has been registered against Sreedhar, former Lok Sabha MP of Congress Balashowry Vallabbhaneni and the then manager of Axis Bank Najafgarh branch in Delhi under the Prevention of Corruption Act.

Sreedhar had deposited the amassed amount in various branches of Axis bank during the period in three tranches, sources said.
He allegedly made huge transactions at Axis Bank, Najafgarh amounting to Rs 8.4 crore through cash and wire transfers, they said.
It is alleged that in another account maintained at the same bank, transactions worth Rs 1.2 crore were made through cash deposits and in another transaction at a branch in Bangalore, Rs 2.3 crore were deposited by him during the period, they added.

The agency has alleged that Sreedhar in connivance with Manish Saxena, the then Branch Manager of Axis Bank, Najafgargh helped the former MP from Tenali constituency in Telangana, Vallabbhaneni, to procure a land for Rs 12.5 crore in 2007-08 in Najafgarh area here.

When contacted, Vallabbhaneni told PTI over the phone that he was introduced to Sreedhar as someone who knew the area.
"The land purchase deal is completely legal and have provided to CBI all the documents related to the deal. I do not know what transactions have been done by Sreedhar. I know him as someone who knew the area where I wanted to purchase the land," Vallabbhaneni said.
It is alleged that the branch manager helped Sreedhar and Vallabbhaneni in the monetary transactions in Axis Bank.
The agency has carried out searches at Guntur, Hyderabad and Noida in connection with the case, they said, adding that Vallabbhaneni will soon be called for questioning in connection with the case.