Hyderabad: Former Union Bank manager held in Rs. 65cr fraud

Shaik Mastanvali Saheb was arrested along with Nanduri Vankat Raman and 20 other accused persons for their involvement in a Rs. 65 crore fraud pertaining to Telugu Akademi which was deposited as FDRs.

By Newsmeter Network  Published on  22 Jan 2022 1:41 PM GMT
Hyderabad: Former Union Bank manager held in Rs. 65cr fraud

Hyderabad: The Hyderabad police on Saturday arrested a former manager of Union Bank of India in a Rs. 65 crore bank fraud.

Shaik Mastanvali Saheb was arrested along with Nanduri Vankat Raman and 20 other accused persons for their involvement in a Rs. 65 crore fraud pertaining to Telugu Akademi which was deposited as FDRs (Rs. 43 crore in Union Bank of India's Karwan branch, Rs. 11 crore in its Santosh Nagar branch, and Rs. 10 crore from Canara Bank) between January and September 2021.

Forged and fabricated cover letters in the name of the director and accounts officer of Telugu Akademi were created based on which forged and fabricated FD certificates were created and handed over to the accounts officer of Telugu Akademi. The original FDs in banks which were in the possession of the accused were encased and the amounts transferred to various accounts.

Another case was registered against Mastanvali Saheb, the former chief manager of the Union Bank of India's Karwan branch, who had forged two fixed deposits (dated 6 and 7 January 2021) for Rs. 1.99 crore, each in favour of the Telangana State Warehousing Corporation. The original FD certificates were handed over to other accused Nanduri Venkat Raman. However, in this case money was not withdrawn.

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