Rs 20 Cr fake bond scam: Telangana CID arrests BSNL Employees Association ex-president Bashamalla

Hyderabad: Telangana Criminal Investigation Department (CID) has arrested the former president of the BSNL Employees Association for swindling Rs 20 crore.

Identified as Bashamalla, the 63-year-old accusedretired as Superintendent of BSNL.

What is the case?

The case relates to ‘criminal breach of trust and misappropriation of huge deposits made by BSNL employees in `BSNL Employees Cooperative Credit Society', Nalgonda.

The case dates back to 2022 in Nalgonda Town. Accused collected huge amounts from the employees of BSNL as well as elected Members/Directors of BSNL Employees Cooperative Credit Society Ltd., Nalgonda, and issued fake bonds of "fixed deposits". He misappropriated the amounts to the tune of around 20 Crores without depositing them in the bank accounts of the society.

Based on a complaint, the CID took up the case.

On April 30, 2022 the complainant Deputy Registrar & Audit Officer, O/o the District Cooperative Officer, Nalgonda lodged a complaint, relating to misappropriation of Rs 20 crore in the BSNL Employees Cooperative Credit Society Ltd., Nalgonda by Ch. Bixsham, holding the post of president, secretary from 15 years, and 7 other committee members.

They together misappropriated the amount of the members by issuing fake bonds without depositing the same in the bank accounts of the society. The matter came to light on the audit conducted by the government on the complaints filed by the members.

CID booked the president under section 4O6, 4O9, 477-A & 420 IPC R/w l2O-B IPC was registered at CID, PS, Hyderabad.