Ex-IAF Squadron Leader convicted for amassing illicit assets in land deal

A Special Court has convicted a former Indian Air Force Squadron Leader for allegedly moving funds for a former Congress MP for a land deal and amassing disproportionate assets worth Rs 40.36 lakh, officials said Monday.
Squadron Leader Polu Sreedhar, facing several health issues, was not given any respite by the court, which convicted him for amassing assets that could not satisfactorily be accounted for, they said.
The special court will start hearing arguments on the quantum of the sentence from January 2 next year, they said.
In its FIR, the CBI had alleged that from January 1, 2007, to December 31, 2010, deposits worth Rs 11.9 crore were made in his three accounts in Axis Bank.
The money allegedly belonged to former Congress MP Balashowry Vallabbhaneni and was supposed to go towards a land deal worth Rs 12.5 crore.
The CBI registered the case on September 27, 2016, against Sreedhar, Balashowry, and bank manager Manish Saxena. The agency filed a charge sheet six years later, o