Telugu Akademi scam has been taking shocking turns with each passing day. The investigation has revealed that the Sai Kumar gang had laundered money from the Telugu Academy in Telangana and two other institutions in Andhra Pradesh as well.
Sai Kumar and his team are learned to divert over Rs 10 crores from Andhra Pradesh Housing Corporation and withdraw Rs 5 crores from the fixed deposits of Andhra Pradesh Seeds Corporation. It is learned that the deposits of the two companies were transferred from IOB Bank.
CCS police found that the funds were transferred from IOB through the AP Mercantile Co-operative Society and then withdrawn. The Andhra Pradesh government was reportedly informed the same while AP police are gearing up to register two more cases against Sai Kumar gang with the evidence provided by CCS police. CCS police, on the other hand, focused on the recovery of Rs 64 crore diverted.