Three held in Telugu Akademi case

Hyderabad: The Hyderabad Central Crime Station police on Friday nabbed three persons in connection with the Telugu Akademi case. The arrested persons were BVVN Satyanaryana Rao, chairman and managing director of AP Mercantile Cooperative Credit Society Ltd and a resident of Vijayawada, V.Padmavathi, Manager (Operations) and Syed Mohiuddin, Relationship Manager in the firm. Earlier, based […]

Hyderabad: The Hyderabad Central Crime Station police on Friday nabbed three persons in connection with the Telugu Akademi case.

The arrested persons were BVVN Satyanaryana Rao, chairman and managing director of AP Mercantile Cooperative Credit Society Ltd and a resident of Vijayawada, V.Padmavathi, Manager (Operations) and Syed Mohiuddin, Relationship Manager in the firm.

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Earlier, based on a complaint from the Akademi director, a case was booked with regard to fixed deposits amounting to Rs.60 crore in different banks being cancelled and the amount being transferred to various banks in the city illegally. Police said the investigation revealed that the AP Mercantile Cooperative Credit Society Ltd had received the amount.

“Fake accounts in the name of the Telugu Akademi were opened by accepting fake identity proofs,” police said, adding that the suspects were involved in two similar cases booked at the CCS.

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