The detective department of Hyderabad police arrested former Union Bank of India chief manager S.K. Mastanvali and 21 others for allegedly fabricating and forging Telugu Akademi’s cover letters for fraudulent use in fixed deposits.
The fraud to the tune of ₹65 crore, involving UBI’s branches at Karwan, Santosh Nagar and one branch of Canara Bank, took place between January and September last year.
Police, while disclosing more details on Saturday, said that Mr. Mastanvali forged cover letters of Director of Accounts of Telugu Akademi, based on which fake FD certificates were created and handed over. The original FDs, which were kept in possession, were encashed and its value transferred to various accounts.
In a related case, Mr. Mastanvali, while working at the Karwan branch, had also forged two FDs worth ₹1.99 crore made in favour of Telangana State Warehousing Corporation. The original FDs were handed over to one Nanduri Venkata Raman, but the monies were not withdrawn.
