Bank agent declared as prime accused in Telugu Akademi scam: Hyderabad CP

Hyderabad Commissioner of Police Anjani Kumar on Wednesday said that bank agent Sai Kumar has been declared as the prime accused in the scam.

In a press conference, Anjani Kumar said that a special team has been deployed to investigate the Telugu Akademi fixed deposits scam. "Akademi accounts official Ramesh is said to have committed to the illegal activities by collaborating with a gang. Some people were alreadly taken into custody and more nine people are suspected to have involved in the scam," the CP said.

He added that a total of Rs 64.5 crore funds were swindled including Rs 26 crore from Union Bank of Karwan branch, Rs 11 crore from Santosh Nagar branch and Rs 6 crore from Canara Bank in Chandanagar.

"Sai Kumar who is prime accused in the case had been involved in three cases earlier," Anjani Kumar said.

On the other hand, the Central Crime Station (CCS) police arrested the bank agents Sai Kumar, Raj Kumar and Venkat along with the bank manager of Canara Bank, Chandanagar branch. The diversion of fixed deposits are said to have been started from January, the CCS officials investigated.