Hyderabad: Tollywood film producer, bank manager held for Rs. 40 cr financial fraud
Ramaswamy and Rajesh made an unauthorized debit of Rs. 40 crores.
Hyderabad: A film producer cum realtor who had masterminded a financial fraud with the help of a bank manager and another employee working at IndusInd Bank, Shamshabad, and had misappropriated Rs. 40 crores, were arrested by the Cyberabad police.
The arrested persons K Ramaswamy, the bank manager; Sapai Rajesh, employee of the bank, and Shaik Basheed, a film producer cum realtor and resident of Jubilee Hills had allegedly colluded and diverted Rs. 40 crores to different bank accounts illegally.
“Ramaswamy and Rajesh made an unauthorized debit of Rs. 40 crores. The amount was diverted to an account provided by Basheed, who again diverted the money to different accounts,” said DCP (Economic Offences Wing), K Prasad.
After the funds were diverted, Basheed purchased two Toyota Fortuner cars and gave to Ramaswamy as a reward for his cooperation in the fraud, the DCP added.
The police arrested Ramaswamy and Rajesh in Hyderabad while Basheed was caught in Delhi and is involved in 10 cheating cases registered in Hyderabad, Cyberabad and Vikarabad.
Basheed had also contested as Lok Sabha elections from Rajampet Constituency on a Congress party ticket earlier.
