Telugu Academy fraud: 3 people taken into custody

Hyderabad, Oct. 1 (Maxim News): On the complaint of Director, Telugu Academy, Himayatnagar, Hyderabad, a case was registered regarding withdrawing of Telugu Academy amount of Rs. 43 crores by closing of FDRs. Accordingly, a case in Cr. No. 154/2021, U/Sec. 409, 419, 420, 465, 467, 468, 471 r/w 34 IPC has been registered and took up the investigation.

In this case the following have been arrested 1) B.V.V.N. Satyanaryana Rao, Chairman/Managing Director of The A.P. Mercantile Cooperative Credit Society Ltd., R/o Vijayawada, 2) Smt. Vedula Padmavathi, Manager (Operations) in A.P. Mercantile Cooperative Credit Society Ltd, Hyderabad and 3) Sayyad Mohiuddin, Relationship Manager, in A.P. Mercantile Cooperative Credit Society Ltd, Hyderabad.

Investigation revealed that the above society had received the FD amounts amounting to nearly 60 Crores from the Bank. The A.P. Mercantile Co-operative Credit Society had opened fake accounts on the name of Telugu Academy on their Society by accepting fake IDs. The accused persons are also involved in the similar offences in other two cases in CCS, Hyderabad.

The case is being investigating by K. Manoj Kumar, ACP, WCO, Team XII, CCS, DD, Hyderabad, under the supervision of N. Mahender, Addl. DCP, EOW, CCS, Hyderabad and further investigation is going on.

The Central Crime Station (CCS) police have taken up the investigation after three complaints from the officials of Telugu Akademi who said that about Rs 43 crore was missing.

It is to mention here that the fraud came to light when the officials of Telugu Akademi initiated the distribution of the funds between Telangana and Andhra Pradesh and they started to gather all the funds from their various accounts. When they tried to withdraw Rs 43 crore from Union Bank, they were informed that the money has been already withdrawn and there was no money in the bank.

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