Telugu Akademi Scam: 3 employees of AP Mercantile Cooperative Credit Society held in Rs. 43 cr fraud

Three officials of the AP Mercantile Cooperative Credit Society Ltd. were arrested on Friday in connection with a Rs. 43 crore fraud.

By Newsmeter Network  Published on  2 Oct 2021 2:10 AM GMT
Telugu Akademi Scam: 3 employees of AP Mercantile Cooperative Credit Society held in Rs. 43 cr fraud

Hyderabad:Three officials of the AP Mercantile Cooperative Credit Society Ltd. were arrested on Friday in connection with a Rs. 43 crore fraud.

This comes after the police received a complaint from the director of Telugu Academy, Himayatnagar, claiming that Rs. 43 crore had been withdrawn from the Academy's account by closing the FDRs. A case under various sections of the IPC was registered and an investigation was launched.

The Hyderabad CCS police arrested B.V.V.N Satyanaryana Rao, chairman and managing director of AP Mercantile Cooperative Credit Society Ltd; Vedula Padmavathi, manager (operations); and Sayyad Mohiuddin, the relationship manager.

Investigation revealed that the Society had received FD amounts worth nearly Rs. 60 crores from the bank. It had opened fake accounts in the name of Telugu Academy by accepting fake IDs. The accused persons were also involved in similar offences in two other cases registered at CCS, Hyderabad, it was found.

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