Hyderabad: The city police have arrested six persons, including a woman working as a branch manager of Canara Bank, Chandanagar in connection with the Telugu Akademi Fixed Deposits Receipts (FDRs) scam on Wednesday.
The arrested were identified as Segoori Ramesh, accounts officers of Telugu Akademi, M Sadhana, Branch Manager of Canara bank along with Chunduri Venkata Koti Sai Kumar, the mastermind of the fraud, Nanduri Venkata Raman, Venkateshwar Rao a self-proclaimed RMP Doctor and Somashekar.
The police said that Sai Kumar was previously involved in AP Minority Welfare Society withdrawal of FDR’s investigated by CID in 2012, AP Housing Board Scam of nearly 6 Crores in 2015 investigated by CBI, and 25 Crores FDR fraud of Northern Coalfields in Chennai investigated by CBI. Also, Venkat Raman was coaccused in the 2012 AP Minority Welfare Society in the FDR case.
According to police the mastermind, Sai Kumar was in debt due to certain investments in real estate. “Since he was aware of the modalities of FDR withdrawals, due to his involvement in similar frauds in the past, he contacted one of his friends who was an agent working in the field of bank deposits and loans. This person brought him into contact with an unknown person who he said will arrange fixed deposits for him,” said police.
Later, Sai Kumar got in contact with Ramesh, the accounts officer of the Telugu Academy. Whenever Telugu Akademi is required to create a Fixed Deposit, Sai Kumar would be contacted through…