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Remand Report Gives Stunning Details In Telugu Academy Scam!
By: Tupaki Desk | 2 Oct 2021 8:47 AM GMT
The Assets and Liabilities settlement between two Telugu states Andhra Pradesh and Telangana took a sensational turn with the officials unearthing a scam worth Rs 43 crore. The issue reached the Police Station and the cops are digging deeper into the issue to get more details about the scam.
Reports say that the cops have already nabbed four people in connection with the case and the manhunt to nab three people was started. The cops believe that the three accused have transported the money to other states. One Mastan Vali, the main accused in the case is said to have paid money to those who have helped him.
Mastan Vali, the director of Union Bank is said to have joined hands with the members of the Andhra Pradesh Mercantile Cooperative Credit Society Limited. By using fake IDs and the name of Telugu Academy, the fraudsters had shifted the money to their accounts and drawn them later.
Managing Director of Cooperative Society BVVN Satyanarayana Rao, Operations Manager Vedula Padmavathi, Relationship Manager Sayyad Mohiuddin were already arrested by the cops in connection with the case and the cops are quizzing them to grab more information
The scam was unearthed when the Telugu Academy Director had found out that the amount in the fixed deposit was withdrawn without bringing it to their notice. Following this, a police complaint was lodged. The accused in the case are said to be involved in other financial irregularities as well.
During the course of the investigation, the staff members at the Union Carvaan bank had reportedly acknowledged the fact that the Manager was instrumental in the scam and said that the plan to draw the amount was made earlier.
Citing the remand report compiled by the police, the media reports say that all the transactions including the transfer of money in the fixed deposits to their accounts were done going by the instructions of the AP Mercantile Cooperative Credit Society Limited. As part of the deal, 10 percent of money was reportedly sent to the Vijayawada Head Office. The Society Director had also directed that the remaining money should be sent to an unknown person. The details of the unknown person are awaited.
Reports say that the cops have already nabbed four people in connection with the case and the manhunt to nab three people was started. The cops believe that the three accused have transported the money to other states. One Mastan Vali, the main accused in the case is said to have paid money to those who have helped him.
Mastan Vali, the director of Union Bank is said to have joined hands with the members of the Andhra Pradesh Mercantile Cooperative Credit Society Limited. By using fake IDs and the name of Telugu Academy, the fraudsters had shifted the money to their accounts and drawn them later.
Managing Director of Cooperative Society BVVN Satyanarayana Rao, Operations Manager Vedula Padmavathi, Relationship Manager Sayyad Mohiuddin were already arrested by the cops in connection with the case and the cops are quizzing them to grab more information
The scam was unearthed when the Telugu Academy Director had found out that the amount in the fixed deposit was withdrawn without bringing it to their notice. Following this, a police complaint was lodged. The accused in the case are said to be involved in other financial irregularities as well.
During the course of the investigation, the staff members at the Union Carvaan bank had reportedly acknowledged the fact that the Manager was instrumental in the scam and said that the plan to draw the amount was made earlier.
Citing the remand report compiled by the police, the media reports say that all the transactions including the transfer of money in the fixed deposits to their accounts were done going by the instructions of the AP Mercantile Cooperative Credit Society Limited. As part of the deal, 10 percent of money was reportedly sent to the Vijayawada Head Office. The Society Director had also directed that the remaining money should be sent to an unknown person. The details of the unknown person are awaited.
