Hyderabad: 1 more held in Telugu Akademi fraud case

Hyderabad: The CCS police on Thursday arrested one Sambasiva Rao from Guntur in connection with the fixed deposit fraud case of the Telugu Akademi. So far, 15 persons have been arrested in the case.

Name of Sambasiva Rao cropped up during investigation. He had introduced Sai Kumar to bank manager Mastan Vali, and demanded commission for deals and got Rs 60 lakh in the fraud.

A CCS officer said that Rao was a relative of Sadhana, the branch manager of Canara Bank. All the accused colluded to siphon off fixed deposit money from the bank accounts of the Akademi. The case is still being investigated.