One more arrested in Telugu Akademi case
Hyderabad: One more person was arrested by the Hyderabad Detective Department in connection with the Telugu Akademi case on Saturday.
The man, Shaik Mastanvali Saheb, who earlier worked as chief manager with the Union Bank of India, Karwan branch, allegedly liquidated the fixed deposits of Telugu Akademi on basis of fake documents created by the other suspects and transferred amounts to the account of AP Mercantile Cooperative Credit Society in Agrasen Bank without requisite checks.
The police have so far arrested BVVN Satyanaryana Rao, CMD of AP Mercantile Cooperative Credit Society Limited, Vijayawada, V. Padmavathi, Manager (Operations) in AP Mercantile Cooperative Credit Society, Hyderabad and Sayyad Mohiuddin, relationship manager with the society in Hyderabad for their alleged involvement in the case.
Investigation revealed that the Society had received the FD amounts amounting to over Rs.60 crore from the bank. The AP Mercantile Co-operative Credit Society had opened fake accounts on the name of Telugu Akademi on their society by accepting fake IDs. The suspects were also involved in two other similar cases, ACP (White Collar Offences) K Manoj Kumar said.
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