Hyderabad: Andhra Pradesh Cooperative Oilseeds Grower’s Federation Limited (AP OILFED) and State Warehousing Corporation were on Sunday robbed of fixed deposits worth Rs 14.6 crore.
It is said that both corporations have been liquidated as an unidentified culprit used forged documents to withdraw the money. Chalapaka Ramana Murthy, manager of AP OILFED, logged a complaint with the Atkur police, which registered a complaint about cheating along with other relevant sections of the Indian Penal Code (IPC).
A total of Rs 5 crore worth FDs were reportedly stolen from the corporation, reported The New India Express. The money was supposedly transferred into another account. Murthy told the police that the accused had forged signatures of employees for liquidating funds meant for the welfare of farmers and oilseed traders.
Likewise, Y Pattabhi Ramayya, general manager of State Warehousing Corporation, lodged a complaint with the Bhavanipuram police regarding the theft of Rs 9.6 crore from the corporation’s account.
Speaking of the two incidents, the Vijayawada City commissioner said that in both cases the accused had opened bank accounts in a different bank and submitted fake documents to withdraw the FDs. “Since the crime is similar to the Telugu Academy scam, where the accused had liquidated FDs worth Rs 64.50 crore, we are also investigating the role of the accused arrested in that case to ascertain if anyone has involvement in these cases,” he stated, according to the New Indian Express report.