The supreme court’s order to divide the Telugu Akademi assets and funds between the two Telugu States has unveiled a shocking financial fraud in the Telugu Akademi bank accounts. It was found that around Rs 43 crore was diverted from the Telugu Akademi account in the Union Bank of India branch located at Karwan using forged documents.
The investigation revealed that the AP Mercantile Cooperative Credit Society Limited opened fake accounts by using Telugu Akademi’s name and to ensure that money was fed into their accounts, also used fake IDs. Reportedly, police have already nabbed the masterminds of the scam who allegedly scammed with the help of insiders. A total of Rs. 63 crore was withdrawn in cash and are transferred to other sources.
Union Bank of India Chief Manager Masthan Valli (A1), his friend Rajkumar(A2), BVVN Satyanarayana Rao, Chairman/Managing Director of The AP Mercantile Cooperative Credit Society Ltd.(A3), Vedula Padmavathi, Manager (Operations) in AP Mercantile Cooperative Credit Society Ltd(A4), and Sayyad Mohiuddin, Relationship Manager in AP Mercantile Cooperative Credit Society Ltd(A5), were recognized as the accused in the case and subsequently were apprehended by the police.
The accused persons are also said to be involved in similar offenses in other cases which are also being looked into by the Central Crime Station. The Academy also ordered a departmental inquiry by a committee headed by Intermediate Education Commissioner Omar Jaleel. The committee had been set October 2 deadline for submitting its report. The police are inquiring as to who was holding the account to which the amount was transferred initially.