Hyderabad:

What Happened

Rs.64 crore goes missing from the fixed deposit accounts of the Telangana State Telugu Akademi.

The Case so far:

• 10 persons arrested; More arrests likely

• Bank officials, Akademi staff, network of brokers involved

• Bank officials exploited technical loopholes in banking operations

• Scam took place over nearly 10 months

• Three cases booked

• Funds used by suspects to clear debts, real estate investment

• Recovery of amount a major challenge

• Three-member committee of officials is probing the fraud 

The beginning

In December 2020, Telugu Akademi officials decided to make Fixed Deposits Receipts (FDRs) in different public sector banks (PSBs) in the city to the tune of Rs.64 crore. The academy got the amount through its sources of revenue and State government grants.

The Akademi got in touch with a set of brokers who helped with the deposits. The staff issued original cheque and letter addressed to banks, asking it to issue FDRs for a period of one year.

The suspects

Chunduri Venkata Koti Sai Kumar (49) a realtor from Hyderabad is the alleged mastermind of the scam. He is a suspect in three scams – AP Minority Welfare Society scam being investigated by the Crime Investigation Department, AP Housing Board Scam and FDR Fraud of Northern Coal Fields in Chennai, both investigated by the Central Bureau of Investigation.

Others arrested in the case are Segoori Ramesh alias Ravi,…

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