Telugu Akademi scam: Sixteenth person arrested by CCS police

The Hyderabad Central Crime Station (CCS) police on Tuesday sixteenth person in connection with misappropriation of fixed deposits of Telugu Akademi. The arrested identified as Krishna Reddy is said to have played a key role in the prime accused Sai Kumar gang in swindling Rs 65.05 crore fixed deposits of Telugu Akademi.

Krishna Reddy had taken his share of Rs 6 crore by involving in the scam. The police said that Krishna Reddy went absconding after Sai Kumar was arrested. The police who put an eye on his movements nabbed him in Miyapur, said ACP Manoj Kumar.

He added that Krishna Reddy has a friendship with Sai Kumar, Dr Venkat and Nanduri Venakaramana for three years and worked as a realtor.

While spending the funds grabbed in the Telugu Akademi scam for personal usage, Sai Kumar is said to have had sent Krishna Reddy to steal the funds of Oil Seeds firm and godowns in Andhra Pradesh. Krishna Reddy was also sent to Vijayawada a few times to open bank accounts and transfer of fixed deposits to their accounts after speaking to bank officials.