Six more held in Telugu Akademi FDs fraud
The Hindu
Since December last, the accused persons swindled ₹64.50 crore of the Akademi’s 43 FDs.
With the arrest of six more persons, including kingpin Chanduri Venkata Koti Sai Kumar (49) on Wednesday, Hyderabad police claim to have unravelled the sensational Telugu Akademi’s Fixed Deposits (FD) fraud.
Since December last, the accused persons swindled ₹64.50 crore of the Akademi’s 43 FDs in Karwan and Santosh Nagar branches of Union Bank of India and Canara Bank’s Chanda Nagar branch. Surprisingly, police managed to recover only a few lakhs from the accused.
The mastermind behind the fraud, Sai Kumar, a realtor from the city was previously involved in similar offences in Andhra Pradesh and Chennai. He withdrew the FDRs of AP Minority Welfare Society in 2012 and the case is being investigated by the Crime Investigation Department (CID). Sai Kumar was also accused in AP Housing Board Scam of nearly ₹6 crore and ₹25 crore FDR fraud of Northern Coal Fields in Chennai, both cases are being investigated by the Central Bureau of Investigation.
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