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The Times of India
The Times of India
National
TNN

One more arrest in Telgu Akademi case

HYDERABAD: Central Crime Station (CCS) police on Thursday arrested one more accused — 16th so far — in Telugu Akademi ₹64.50 crore fixed deposit fraud case.

Police arrested Samba Siva Rao, a native of Guntur, who runs an advertising agency in Visakhapatnam. According to police, Samba Siva Rao befriended M Sadhana, an accused manager of Canara Bank’s Chandanagar branch, while she was working in Visakhapatnam in 2008.

According to police, Rao used to call up Sadhana and played a crucial role in convincing her to be part of the 64.5 crore FD fraud on the instructions of another accused N Venkata Raman.

For being a conduit between Sadhana and the other accused, Rao received 55 lakh as commission.

CCS police said that the amount was transferred to Rao’s bank account and legal proceedings have been initiated to freeze the existing balance in the account. Rao was produced before the court for judicial remand.

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