Fraudsters cheat Telugu Academi of Rs 60 crore, nabbed

Hyderabad: In connection with the defrauding of the Telugu Academi, members of the AP Mercantile Co-operative credit society have been arrested on Friday. 

The case was registered in the Central Crime Station on the complaint of the director of Telugu Academi in Himayatnagar, Hyderabad. The investigation revealed that the AP Mercantile Cooperative Credit Society Limited opened fake accounts by using Telugu Academi’s name and to ensure that money was fed into their accounts, also used fake IDs. 

The society had successfully received the Fixed deposit amounts of nearly 60 crores from the bank. The case came to light when the director filed a complaint regarding the withdrawal of Telugu Academi’s amount of Rs 43 crores which resulted in the closing of the Fixed Deposit receipts (FDR). 

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BVVN Satyanaryana Rao, Chairman/Managing Director of The AP Mercantile Cooperative Credit Society Ltd., R/o Vijayawada, Vedula Padmavathi, Manager (Operations) in AP Mercantile Cooperative Credit Society Ltd, Hyderabad and Sayyad Mohiuddin, Relationship Manager, in AP Mercantile Cooperative Credit Society Ltd,  Hyderabad were recognised as the accused in the case and subsequently were apprehended by the police.

The accused persons are also said to be involved in similar offenses in other cases which are also being looked into by the Central Crime Station. 

The accused have been booked under Sections 409 (Criminal breach of trust by public servant, or by banker, merchant or agent), 419(Punishment for cheating by personation), 420 (Cheating and dishonestly inducing delivery of property), 465 (Punishment for forgery), 467 (Forgery of valuable security, will, etc.), 468 (Forgery for the purpose of cheating), and 471 (Using as genuine a forged- document or electronic record) of the Indian Penal Code.

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