SIRSI: Hubli City Crime Branch (CCB) police team headed by Inspector Shivalli has arrived here on Thursday. The team along with the local police were in search of Rajaram Hegde Chipageri, owner of Srinidhi Capitals and marketing agent for ICICI bank.

Earlier ICICI Bank Hubli had registered a complaint against Hegde for allegedly cheating the bank for more than Rs.1.5 crore.

Hegde had absconded for a week and his brother registered a complaint.

He later came to his office and denied charges of misappropriation. He allegedly escaped after addressing the press meet convened for the purpose.

He had reportedly cheated six cooperative societies in the taluk, which paid loan to the tune of Rs. 3.18 crore from ICICI Bank Hubli under `Agri Business Loan'.

The bank had issued notice to the six cooperative societies on non-repayment of loan to the extent of more than Rs. 1.5 crore.

But the payments were already made.

On investigation, bank officials from Hubli and Bangalore found that the funds had got credited to his personal account in the same bank.

Meanwhile, Hubli with local police raided Hegde's residence in Ashok Nagar and office in the town on Thursday and confiscated several documents such as fake letterheads.

A special team from ICICI bank, Bombay has arrived in the town for further investigation.