HYDERABAD: Continuing their crackdown against persons involved in Telugu Akademi’s Rs 64.50 crore fixed deposit (FD) fraud, Central Crime Station (CCS) sleuths arrested three more persons on Saturday. With the latest arrest, 13 persons have been arrested so far in the case.
The Central Crime Station assistant commissioner of police Manoj Kumar told TOI that three persons — Vinay, an employee of Telugu Akademi, Bhoopathi and Ramana Reddy — were arrested and sent in judicial remand.
“These accused had earned Rs 30,000 for every Rs 1 crore of money siphoned off. The trio had earned Rs 30 lakh and it was shared by them,” the assistant commissioner of police added. Bhoopathi and Ramana were reportedly associates of Sai Kumar, who has already been arrested.
These two persons liaised between bank employees and Akademi to submit fake documents, which played a key role in the illegal liquidation of Telugu Akademi’s fixed deposits worth Rs 64.50 crore.
The investigator said the two accused had played a key role in getting the funding letters of banks, which were submitted to the Akademi. On October 4, 14 members, allegedly linked to the case, were in Central Crime Station custody. After a local court’s order, Central Crime Station officials took nine persons into custody.
Vinay allegedly played a key role in processing documents at the Akademi so that the other accused could execute the conspiracy.
The Rs 64.50 crore fixed deposits, which were parked in two public sector banks, were illegally diverted and later siphoned off by at least 13 accused. Police were likely to arrest more persons in the coming days.
