Hyderabad: Mastanvali arrested again for fixed deposit scheme fraud

Hyderabad: Shaik Mastanvali, allegedly involved in fixed deposit scheme frauds in South India, was arrested by the Hyderabad CCS police on Saturday. A case was registered at the Hyderabad CCS on a complaint made by the branch manager of the union Bank of India, Karwan branch. “Mastanvali, along with one N Venkat Raman, while working […]

Hyderabad: Shaik Mastanvali, allegedly involved in fixed deposit scheme frauds in South India, was arrested by the Hyderabad CCS police on Saturday.

A case was registered at the Hyderabad CCS on a complaint made by the branch manager of the union Bank of India, Karwan branch.

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“Mastanvali, along with one N Venkat Raman, while working as the chief manager of union Bank of India, Karwan branch, forged two fixed deposit receipts amounting to Rs 1.99 crore each and tried to transfer the money. However the money could not be withdrawn,” the police said.

Previously, Mastanvali, Venkat Raman and 20 others were arrested by the police in connection with the ‘Telugu Akademi fraud’ last year. An amount of Rs. 64 crore was allegedly misappropriated by them.

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