Hyderabad: The city police has arrested another six accused in connection to the Telugu Academy FDR fraud case. Segoori Ramesh alias Ravi, M.Sadhana (Branch Manager Canara bank), CVKSai Kumar , Nanduri Venkata Raman, and Venkateshwar Rao alias Dr Venkat/Rajesh (self-proclaimed RMP doctor and real estate agent) were taken into custody by the Central Crime Station police officials.
Sai Kumar, a real estate agent and mastermind of the fraud, was previously involved in 3 similar cases investigated by the Central Bureau of Investigation (CBI) and Crime Investigation Department (CID). Venkat Raman was a co-accused in the 2012 AP Minority Welfare Society FDR case, alongside him.
Sai Kumar was in debt due to investments in real estate. He was aware of the modalities of FDR withdrawals, due to his involvement in similar frauds in the past. He contacted an agent working in the field of bank deposits and loans who brought him into contact with Ramesh, Accounts Officer of the Telugu Academy.
According to Hyderabad police commissioner Anjani Kumar, each time Telugu Academy was required to create a Fixed Deposit (FD), Sai Kumar would be contacted through the agent, and Dr Venkat or Somashekar would collect the cheque from Ramesh.
After collecting the cheque and request letters, Venkat Ramana and Sai Kumar with the help of their associates would create fake FDRs and request letters which would be sent to the bank with the different amounts and time periods for the FDs. The fake…