Hyderabad, June 27: Andhra Pradesh police have brought back Kosaraju Venkateswar Rao, the chairman of Krushi Urban Cooperative Bank, from Bangkok where he had been hiding for almost five years.

Rao was accused of embezzling Rs 32 crore, following which the bank collapsed.

A police team headed by assistant commissioner C.V. Anand produced him before a special judge of the metro criminal court. He was remanded in judicial custody till July 11 and sent to the city’s Cherlapally jail.

The Krushi Urban Co-operative Bank was one of the seven cooperative banks to collapse in Andhra in the late nineties, turning thousands of small depositors penniless.

But Rao escaped arrest by allegedly conniving with several senior police officials.

The government auctioned the property of the absconding bank chairman and raised Rs 19.4 crore to pay its clients.