India News | 6 More Arrested in Telugu Akademi FD Scam
Get latest articles and stories on India at LatestLY. : Six more people, including the mastermind of a multi-crore scam pertaining to "misappropriation" of Fixed Deposit funds of the Telugu Akademi here, were arrested on Wednesday, taking the total number of those held so far to 10, a senior police official said on Wednesday. Based on the complaint of Director of the Akademi, a state-run agency which used to look after printing of textbooks for schools and colleges in the past, four people were arrested last week, including the Chairman/Managing Director of the AP Mercantile Co-Operative Credit Society and its two employees, besides a Chief Manager of a PSU bank, on withdrawal of Akademi's Rs 43 crore amount by closing of Fixed Deposit Receipts (FDRs).
Hyderabad, Oct 6 (PTI): Six more people, including the mastermind of a multi-crore scam pertaining to "misappropriation" of Fixed Deposit funds of the Telugu Akademi here, were arrested on Wednesday, taking the total number of those held so far to 10, a senior police official said on Wednesday. Based on the complaint of Director of the Akademi, a state-run agency which used to look after printing of textbooks for schools and colleges in the past, four people were arrested last week, including the Chairman/Managing Director of the AP Mercantile Co-Operative Credit Society and its two employees, besides a Chief Manager of a PSU bank, on withdrawal of Akademi's Rs 43 crore amount by closing of Fixed Deposit Receipts (FDRs).
Police had said the Chief Manager, on the basis of fake documents created by the other accused, liquidated Fixed Deposits of the Akademi and transferred amounts to account of AP Mercantile Co-Operative Credit Society without requisite checks. Continuing its probe, the Central Crime Station--a wing of Hyderabad Police, arrested six more people, including one Sai Kumar, the mastermind of the fraud, besides the Accounts Officer of the Akademi and a Manager of another state-run Bank, a release from Hyderabad Police said on Wednesday. Sai Kumar, who was previously reportedly involved in similar frauds (of FDR withdrawals), which are also being probed by the CBI, was contacted through one agent whenever the Akademi required to create a FD and he in turn used to send the other accused to collect a cheque from the Akademi's Accounts Officer, police said. After the cheque and request letters were collected, the accused, with the help of their associates, would create fake FDRs and fake request letters.
These letters were sent to the Bank with the different amount and time period for the fixed deposits while the fake FDRs would be printed and sent back to the Telugu Akademi, police said.
Thereafter fake FDRs were again created for withdrawal of FD amounts from the banks concerned and the withdrawals were done in favour of AP Mercantile Co-Operative Credit Society, police said, adding that the revealed that the Society had received the fixed deposit amounts amounting to nearly Rs 60 crore. All the associated persons, shared the misappropriated amount depending on their role, police said. Further probe is on and five other teams of CCS are part of the investigation, police added.
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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)