Hyderabad: Assistant Commissioner of Police Manoj Kumar-led investigating officers have intensified their efforts to seize the money diverted by the accused in the Telugu Akademi Fixed Deposit scam. Police sources said the accused were giving vague answers during interrogation.
Some have bought flats and land, while others have invested in fixed deposit under their children's names as well as under their friends' and acquaintances' names at different banks, said police sources. The seized money worth Rs 3 crores and documents of properties worth Rs 17 crores belonging to the accused will be submitted before Nampally civil court.
The property documents of former managers of Union Bank of India and Canara Bank's Mastan Wali and Sadhana and realtor Nanduri Venkataramana were seized. A multi-storey building was constructed by Venkataramana in Tanku. Lakhs of rupees were seized from Saikumar, Dr Venkat, Rajkumar, Satya Narayana Rao, and Padmavathi.
Investigators said Rs 64.05 crore misappropriated in Telugu Academy Fixed Deposit scam can be recovered. If the academy officials lodge a complaint with the regional office bearers of Union Bank of India and Canara Bank, the respective banks should deposit Rs 64.05 crore, a police official said.
One of the accused told the investigating officers that he had burnt Rs 80 lakh worth currency notes in the fear of getting caught after knowing that complaint has been lodged by Telugu Akademi Officers. He also said that he had no links with the key accused Saikumar and his aides. The money received for cooperating with the culprits was kept safely until a month ago. When asked why the currencies were burnt, he said that it was done to destroy proof.
Another accused informed the police that he bought a flat for Rs 90 lakh in Vishakhapatnam and he came to know about the complaint while he was planning to buy another. Yet another accused said that he had paid Rs 50 lakh as loan repayment to his friend. He had lent Rs 20 lakh to his friend.
Officers suspect that accused are cooking up stories and even telling lies to escape from legal proceedings. Officers want to take the accused into custody for further interrogation.
About the case
The key accused Saikumar and his aides allegedly looted nearly Rs 200 crore in the last 10 years, as per Crime Central Station police. Saikumar and eight others have been remanded to custody in connection with the Rs 64.5 crores scam by Nampally court on October 12.
Saikumar's team, which focuses on the real estate business learned about the Telugu Akademi funding a year ago. Realizing that the supervision of superiors would not be so strict, Saikumar changed his plan accordingly. This time he met the bank managers directly and persuaded them to pay a commission. He looted Rs 64.05 crores in various forms. Police found that he has usurped Rs 200 crores in toto and are investigating it further.
Police have been suspecting misappropriation of Rs 40 crores in AP Housing Board, Rs 15 crores in Pollution Control Board, Rs 45 crores in Minority Welfare Department, and Rs 15 crore in AP Seeds Corporation.
According to Hyderabad Police Commissioner Anjani Kumar, the kingpin in the fraud - Saikumar - is a real estate businessman from Tanuku in Andhra Pradesh. He is also accused in three similar cases in the past. Saikumar pulled off the operation by enlisting the support of the bank staff and the Akademi.
The Akademi's accounts in-charge, S Ramesh, issued cheques to the bank for conversion into term deposits. The bank staff diverted the money into others' accounts and issued fake fixed deposit certificates in return for payment of kickbacks.
Ramesh showed these certificates to his higher-ups, who were under the impression that they were genuine. The bank staff invested their share of the booty in properties and some had even begun money lending businesses. Saikumar himself pocketed a lion’s share of the embezzled funds from them.
The arrested include Akademi Accounts in-charge S Ramesh, Chandanagar Canara Bank branch manager M Sadhana, realtor Saikumar, Somasekhar, Venkateswara Rao, Venkataraman, Union Bank of India chief manager Mastan Vali, AP Mercantile Cooperative Credit Society chairman Satyanarayana Rao, operational manager V Padmavathi and Syed Mohiuddin.
Saikumar was involved in three similar financial frauds at the AP Minority Welfare Society, AP Housing Board and in another case in Chennai. Saikumar was adept at pulling off scams, and the three other real estate businessmen had siphoned off Rs 26 crore from UBI Bank, Karwan branch, Rs 11 crore from UBI Santosh Nagar branch and Rs 6 crore from Canara Bank, Chandanagar branch. The money siphoning had been taking place over the past nine months and the police so far have recovered only Rs 12 to 13 lakh, said Anjani Kumar.
Also read: Telugu Akademi Fund Scam: Saikumar accused of looting Rs 200 crores
