With Satyanarayana’s help, set up a bogus Telugu Academy account at A P Merchantile Cooperative Society with fake ID evidence. According to the police commissioner, Sai Kumar, the racket’s mastermind, is a recognized offender, previously implicated in similar financial schemes in Andhra Pradesh and Chennai.
In the Telugu Academy FD fraud case, Hyderabad police detained six additional people on Wednesday, including kingpin Chanduri Venkata Koti Sai Kumar.
Who was involved in this case?
Segoori Ramesh, administrative officer and in-charge of the Telugu Akademi’s accounts section, M Sadhana, manager of the Canara Bank’s Chandanagar branch, a fraudulent doctor known as Dr Venkat, and realtors Chunduri Venkata Koti Sai Kumar, Nanduri Venkata Raman, and Somashekar alias Raj Kumar were among those arrested.
According to Hyderabad police commissioner Anjani Kumar, the suspects scammed a total of 64.50 crores from Telugu Academy.
The money was then put in 43 fixed deposits in different banks, including Canara Bank’s Chanda Nagar branch and Union Bank of India’s Karwan and Santosh Nagar branches.
The Police Commissioner stated that they could only recover a few lakhs from the convicted individuals as they’ve already spent most of the money settling debts, making investments, and purchasing luxuries.
What are the Statements by Police and other authorities?
As per the police commissioner, the racket’s conspirator, Sai Kumar, is a recognized offender, previously involved in similar fraudulent financial activity in Andhra Pradesh and Chennai.
He is currently facing cases from the Central Bureau of Investigation (CBI) and the Andhra Pradesh Crime Investigation Department.
According to Anjani Kumar, Ramesh, the accounting officer of Telugu Academy, got in touch with Sai Kumar.
When the Telugu Academy needed to make a fixed deposit, Sai Kumar directed his agents, Somasekhar and Venkat Ramana, for collecting the cheques from Ramesh and deposit the money in the UBI and Canara Bank as FDs for various sums and time frames.
Avinash Mohanty, Joint Commissioner of Police (Detective Department), says that the convicted created identical FDs with the assistance of UBI’s Shaik Mastanvali and Canara Bank’s Sadhana. They would tell the accused regarding the FDR numbers.
Using these false FD receipts, the defendants prematurely withdrew the FDs from these institutions. They deposited them into the bank accounts of AP Mercantile Co-Operative Credit Society in Agrasen Co-Operative Urban Bank Limited, a private bank.
The joint police commissioner added that from there, they took the money and swindled it.
According to Joint Commissioner (Detective Department) Avinash Mohanty, the money got transferred into the bank account of the AP Mercantile Cooperative Credit Society Ltd at the Agrasen Bank’s Siddiamber Bazar branch, according to Joint Commissioner (Detective Department) Avinash Mohanty.
In the identity of the Telugu Akademi, the accused joined the AP Mercantile Cooperative Credit Society Ltd. The defendants, posing as Telugu Akademi personnel, withdrew money under the guise of building work for months and used it to acquire assets.
After getting three separate reports alleging unlawful or fraudulent withdrawals of fixed deposits from the Union Bank of India, the Telugu Akademi, and the Canara Bank, the Central Crime Station’s Detective Department initiated an inquiry.
On September 27, the Union Bank of India allegedly fraudulently withdrew Rs 54 crore in fixed deposits. The Telugu Akademi allegedly misappropriated Rs 43 crore that same day, and the Canara Bank’s Chandanagar branch manager allegedly withdrew Rs 10 crore illegally on September 30.
Kumar said the Union Bank of India’s Karwan branch confirmed 26 fraudulently withdrawn fixed deposits cases. The Union Bank of India’s Santosh Nagar branch reported 11, and the Canara Bank’s Chandanagar branch claimed six.
According to authorities, the FDs got retrieved from Agrasen Bank’s Siddiamber Bazar branch.
