Hyderabad: Telugu Akademi scam: 3 bank managers held

Hyderabad: Achieving breakthrough in the Telugu Akademi funds scam, the Central Crime Station (CCS) police of Hyderabad on Friday arrested three persons involved in siphoning off money from the fixed deposit accounts of the Akademi.

The arrested were identified as BVVN Satyanarayana Rao, Chairman and Managing Director of the AP Mercantile Cooperative Credit Society Ltd and a resident of Vijayawada, Vedula Padmavati, Manager (Operations) and Syed Mohiuddin, Relationship Manager of the same bank.

Joint Commissioner of Police, CCS Avinash Mohanty said, "The arrested accused persons had opened fake accounts in the name of Telugu Akademi in their Society by accepting fake IDs. Further, it was also found that the letters were created by the AP Trade Co-operative Society and the signatures of the bank officers and Akademi officials were forged by the accused persons and the letters were written to the banks in the names of officers to cancel the deposits."

"The fixed deposits amounting to Rs 64 crore kept in different banks were cancelled and the amount was transferred to various banks located in the city illegally and the deposits were cancelled and the amount was transferred into private banks by the accused persons and it is known that the accused were working in connivance with some of the officials of Telugu Akademi and the matter is being probed further," added the officer.

The arrested are also involved in the similar offences in other two cases registered with the CCS, he said.