Six more arrested in Rs 64.5 cr Telugu Academy FD fraud

HYDERABAD: Hyderabad police arrested six more persons including the mastermind, Chunduri Venkata Koti Sai Kumar in Rs 64.5 crore Telugu Academy Fixed Deposit fraud on Wednesday.
The accused are Segoori Ramesh, accounts officer at Telugu Academy, M Sadhana, Canara Bank's Chandanagar branch manager, Chunduri Venkata Koti Sai Kumar, a businessman from Hyderabad, his associates, N Venkata Raman, Venkateshwar Rao alias Dr Venkat from Khammam and Somashekhar , a realtor from Dharmavaram. .
According to Hyderabad police commissioner, Anjani Kumar, the main accused, Sai Kumar, who has a history of committing similar frauds has masterminded the entire fraud and executed it with the help of other accused.
The accused fraudulently withdrew 43 Fixed Deposits (FDs) of Telugu academy from Union Bank's Karwan and Santos Nagar branches and Canara Bank's Chandanagar branch between December 2020 and September 2021.
To execute the fraud, Sai Kumar contacted Ramesh who handed over the cheques to Sai Kumar's associates, Somasekhar and Venkat to deposit them in banks as fixed deposits.
"The accused initially deposited the amount in the fake Telugu Academy accounts created in AP Mercantile Cooperative Credit Society Ltd using forged documents and from there it was transferred to AP Mercantile Cooperative Credit Society's account in Agrasen Bank, Siddiamber Bazar. From Agrasen Bank, the accused withdrew cash and shared it between them," Joint Commission Avinash Mohanty. said.