Hyderabad: The city police has arrested another six accused in connection to the Telugu Academy FDR fraud case. Segoori Ramesh alias Ravi, M.Sadhana (Branch Manager Canara bank), CVKSai Kumar , Nanduri Venkata Raman, and Venkateshwar Rao alias Dr Venkat/Rajesh (self-proclaimed RMP doctor and real estate agent) were taken into custody by the Central Crime Station police officials.
Sai Kumar, a real estate agent and mastermind of the fraud, was previously involved in 3 similar cases investigated by the Central Bureau of Investigation (CBI) and Crime Investigation Department (CID). Venkat Raman was a co-accused in the 2012 AP Minority Welfare Society FDR case, alongside him.
Sai Kumar was in debt due to investments in real estate. He was aware of the modalities of FDR withdrawals, due to his involvement in similar frauds in the past. He contacted an agent working in the field of bank deposits and loans who brought him into contact with Ramesh, Accounts Officer of the Telugu Academy.
According to Hyderabad police commissioner Anjani Kumar, each time Telugu Academy was required to create a Fixed Deposit (FD), Sai Kumar would be contacted through the agent, and Dr Venkat or Somashekar would collect the cheque from Ramesh.
After collecting the cheque and request letters, Venkat Ramana and Sai Kumar with the help of their associates would create fake FDRs and request letters which would be sent to the bank with the different amounts and time periods for the FDs. The fake FDRs would be printed and sent back to the Telugu Academy.
The bank Managers of Union Bank and Canara Bank, Shaik Mastanvali and Sadhana, arrested on October 1, would inform the Unique Transaction Reference numbers of Fixed Deposits to Venkat Raman and his associates, who would use it on the fake FDRs.
Fake FDRs were again created for withdrawal of amounts, in favour of A.P. Merchantile Co-operative Credit Society, from the concerned bank, sent to the branch managers. The society would withdraw the amount that would be collected by either Somashekar or Dr. Venkat.
The fake account of Telugu Academi in A.P. Merchantile Co-operative Society was created with the conveyance of Managing Director, Satyanarayana, using fake ID proofs where Somashekar posed as Director of Telugu Academy.
The amount was divided between the accused according to the roles played by each. The largest share was that of Saikumar and Somashekar, said the press release.
The whole scam and misuse of funds came to light only after Akademi director Somi Reddy asked officials to check the institution’s bank accounts following the Supreme Court’s direction for bifurcation of the institution between Telangana and Andhra Pradesh for equal distribution of funds and assets.
So far the police have made a total of 10 arrests, including the above, with investigations still underway.
