Telugu Academy Funds Fraud: Three Bank Managers Arrested

HYDERABAD: The Central Crime Station  (CCS) sleuths on Friday, arrested three people in connection with the fraud related to the  Telugu Academy funds deposit. CCS police arrested Mastan Wali, manager of the Union Bank, Karwan Branch, Padmavati, manager of Agrasen Bank, and Mohiuddin, an employee of AP Mercantile Credit Cooperative Society Limited. After investigating police found that they had diverted crores of rupees from the deposits of the Telugu Academy funds which were kept in the banks

As per reports the Telugu Academy has deposited Rs 330 crore in 34 accounts in 11 banks. Officials said the deposits were mainly in Union Bank and Canara Bank. The Telugu Academy had earlier complained about the role of bank officials in the missing funds, however, bank representatives told police that the deposits were closed after seeing the proper documents.

Police found that the letter was created by the AP Trade Co-operative Society and the signatures of the officers were forged. Letters were written to the banks in the names of the officers to cancel the deposits.

In the complaints, Akademi officials alleged that fixed deposits amounting to Rs 64 crore kept in different banks were cancelled and the amount transferred to various banks located in the city illegally.

The police found that the deposits were transferred and the amount was transferred into private banks by some persons who were working with the Telugu Akademi in connivance with officials of a public sector bank in the city. 

Meanwhile, the CCS police have intensified their probe into who was behind the cancellation of the deposits. An inquiry into the fraud is already underway,m where a three-member committee is probing the case. The Telugu Academy employees are also being investigated by the CCS police and a few more people are likely to be arrested‌ by Friday night.

For more details about the Telugu Academy Bank Fraud Case Click Here: Hyderabad: CCS Expedites Investigation Into Telugu Academy Bank Account Fraud