Telugu Akademi fraud: 2 people taken into custody

The police on Friday arrested two people in connection with the missing of huge funds from the account of Telugu Akademi which was in the joint list of the two Telugu speaking states. The arrested include Agrasen branch manager Padmavati and Santosh branch manager Mastan Ali.

Around Rs 43 crore was stolen from the Telugu Akademi account in the Union Bank of India branch located at Karwan using forged documents. Besides Rs 43 crore, Rs 8 crore of fixed deposits were squandered in Santosh Nagar branch in July and August months. Also, Rs 9 crore from Canara bank was also said to have been diverted.

With the latest, Rs 17 crore fraud, the scam in the Telugu Akademi went up to Rs 60 crore.

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.

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 When they tried to the withdraw Rs 43 crore from Union Bank, they were informed that the money has been already withdrawn and there was no money in the bank.