Shankar Foundation trustee charge-sheeted for siphoning off funds

Axis Bank, ING Bank managers let off

“I am relieved to know Kolluru Manimala, has been charge-sheeted. However, as a founder trustee and senior citizen I am deeply
saddened to know that no case has been made out against Thotakura Vijaya Kumar and the managers of the two private banks,” Yesodha
said

Visakhapatnam: Trustee of Shankar Foundation Kolluru Manimala (51) has been charge-sheeted by the Three Town police for committing
fraud and siphoning off foundation funds for personal gains.

Three other accused in the case Thotakura Vijay Kumar, managers of Axis Bank and ING Vysya Bank were let off. Shankar Foundation
was founded by A Shankar Rao, a renowned philanthropist of the city, and he is well-known in north coastal Andhra for running an eye
hospital which is located in Simhachalam.

According to the charge-sheet, A Yesodha became a trustee of the foundation after the death of her husband A Shankar Rao on March 18,
2012. The accused Manimala ceased to be the trustee by approval of commissioner of income tax and amendment of trust deed.

But Manimala concealed the facts and misrepresented facts to the commissioner of income tax fraudulently and obtained approval from
the commissioner and continued to be a trustee of the foundation.

Thereby she continued as the trustee, siphoned off huge amounts of money from the trust for her personal use. Manimala has been
charged under sections 420, 468, 471, 403 and 406 of the IPC.

However, the other accused in the case Thotakura Vijay Kumar and managers of Axis Bank and ING Vysya Bank were let off as the
prosecution did not find any evidence against them.

“I am relieved to know Kolluru Mani Mala, has been charge-sheeted.

However, as a founder trustee and senior citizen I am deeply saddened to know that no case has been made out against Thotakura
Vijaya Kumar and the managers of the two private banks,” Yesodha said.