Hyderabad: Rs 64 crore fraud at Telugu Akademi; Case booked

Hyderabad: The Detective Department of the Hyderabad Police has registered three cases and began an investigation into an alleged Rs 64 crore fraud pertaining to funds of the Telugu Akademi. The cases were registered at the Central Crime Station of the Detective Department following complaints from the Telugu Akademi. In the complaints, Akademi officials alleged […]

Hyderabad: The Detective Department of the Hyderabad Police has registered three cases and began an investigation into an alleged Rs 64 crore fraud pertaining to funds of the Telugu Akademi. The cases were registered at the Central Crime Station of the Detective Department following complaints from the Telugu Akademi.

In the complaints, Akademi officials alleged that fixed deposits amounting to Rs 64 crore kept in different banks were cancelled and the amount transferred to various banks located in the city illegally.

The police found that the deposits were transferred and the amount was transferred into private banks by some persons who were working with the Telugu Akademi in connivance with officials of a public sector bank in the city. Investigation is on with the police to soon question bank and Akademi officials.

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