Hyderabad: The Enforcement Directorate (ED) is set to begin a probe into the Rs 64.5 crore Telugu Akademi fixed deposit fraud in Hyderabad.
The central agency is likely to register a case under the Prevention of Money Laundering Act (PMLA) and take up investigations.
As the case involves money laundering and the proceeds were used by the accused to purchase assets and make investments, the Hyderabad Police made a request to the ED to initiate the probe.
The Central Crime Station (CCS), Detective Department has already 10 accused in the case.
Six accused, including mastermind Chunduri Venkata Koti Sai Kumar, were arrested on Wednesday while four were earlier taken into custody.
The arrests were made during the investigation into three cases registered on the complaint of Telugu Akademi, Union Bank of India and Canara Bank.
The case relates to the fraudulent withdrawal of fixed deposits from two public sector banks with the total amount involved being Rs 64.5 crore.
The fraud was committed by a group of bank agents in connivance with some bank officials and an employee of Telugu Akademi.
Those arrested include Sagoori Ramesh, administrative officer and in-charge accounts officer at Telugu Akademi, M. Sadhana, Canara Bank’s Chandanagar branch manager, Sheikh Mastan Vali, chief manager, Union Bank of India’s Karwan branch, B.V.V. N. Satyanarayana Rao, chairman and MD, AP Mercantile Cooperative Credit Society Ltd and Vedula Padmavathi, manager (operations), AP…