Three arrested for fraud in Telugu Academy’s bank deposits

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Telugu Hyderabad, Oct 1 | Hyderabad police on Friday arrested three persons for allegedly committing a fraud by withdrawing the Telugu Akademi’s funds by closing fixed deposits in banks.

The Central Crime Station police arrested A.P. Mercantile Cooperative Credit Society Ltd Chairman and Managing Director B.V.V.N. Satyanaryana Rao, a resident of Vijayawada, the Society’s Manager, Operations, Vedula Padmavathi, and Relationshi Manager, Sayyad Mohiuddin (both of Hyderabad).

According to Joint Commissioner of Police, Detective Department, Avinash Mohanty, investigations revealed that the society received the FD amounts amounting to nearly Rs 60 crore from the bank.

The accused had opened fake accounts in the name of the Telugu Akademi in their society by accepting fake IDs.

On the complaint of director of Telugu Akademi, a case was registered regarding withdrawal of Rs 43 crore by closing of fixed deposits. The case was registered under Indian Penal Code’s Sections 409 (criminal breach of trust), 419 (cheating by personation), 420 (cheating), 465 (forgery), 467 (forgery of valuable security, will etc), 468 (forgery for purpose of cheating), 471 (fraudulently using a forged document as genuine) r/w 34 (acts done by several persons in furtherance of common intention).

The accused persons are also involved in the similar offences in other two cases, the Joint CP said.

The Akademi had deposited the money earned from retail sale of text books of Intermediate, degree, post graduation course and the books for preparation of various competitive exams.

The alleged fraud came to light after Akademi director Somi Reddy directed the officials to examine the bank accounts following the directions of the Supreme Court for bifurcation of the Akademi’s funds and assets between two Telugu states Telangana and Andhra Pradesh.

Akademi officials were shocked to find that Rs 43 crore deposited in Karwan branch of the Union Bank of India was missing. Similarly, Rs 10 crore and nearly Rs 11 crore, deposited in two other branches, were also missing.

The Akademi also ordered a departmental inquiry by a committee headed by Commissioner, Intermediate Education, Omar Jaleel.

Source: IANS

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Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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