Vijayawada cops begin probe into FD scam

Vijayawada: Vijayawada commissioner of police B Srinivasulu said on Saturday the police began the probe into the alleged transfer of fixed deposits of Andhra Pradesh Cooperative Oil Seeds Growers Federation Limited and AP State Ware Housing Corporation from the deposited banks to other banks. The commissioner, in a statement said that the Vijayawada police received complaints on transfer of FDs with forged signatures and fake documents.

The AP Cooperative Oil Seeds Growers Federation Ltd had deposited Rs 5 crore fixed deposits in Saptagiri Grameena Bank, Veerapanenigudem village under Atkuru police station limits of Gannavaram mandal.

He said the deposits were transferred to other banks with forged signatures and fabricated documents.

Similarly, Rs 9.60 crore belongs to Andhra Pradesh State Warehousing Corporation were also diverted to other banks with fake documents and forged signatures.

The amount was deposited in Indian Overseas Bank, Bhavanipuram branch. Bhavanipuram police received a complaint on diversion of FDs to other banks.

The police commissioner said the culprits would be nabbed and punished.

He said funds from Telugu Akademi, Hyderabad, were diverted in the fraud case and the accused have connections with the fraud case in Vijayawada also.