Hyderabad: Ex Union Bank manager arrested in Telugu Academy fraud case

Hyderabad: The CCS of Hyderabad police on Saturday arrested an ex-manager of Union Bank of India in the Rs 65-crore bank fraud of Telugu Academy.

The Union Bank ex-manager, Shaik Mastanvali Saheb was arrested along with Nanduri Vankat Raman and 20 other accused persons for their involvement in a Rs 65 crore fraud pertaining to Telugu Academy which deposited as FDRs (Rs 43 crore in Union Bank of India's Karwan branch, Rs 11 crore in its Santosh Nagar branch, and Rs 10 crore from Canara Bank) between January and September 2021.

The accused persons had forged and fabricated the cover letters in the name of the director and accounts officer of Telugu Academy. Based on the fake cover letters, forged FD certificates were created and handed over to the accounts officer of Telugu Academy. The original FDs in banks which were in the possession of the accused were encashed and the amounts transferred to various accounts, CCS ACP According to K Manoj Kumar said.

"However a major scam was averted with the highlighting of Telugu Academy fraud. The accused had planned to siphon off the FD amount but their attempts were foiled and they could not execute their plan. We have booked another case against Mastanvali Saheb, the former chief manager of the Union Bank of India's Karwan branch, who had forged two fixed deposits (dated 6 and 7 January 2021) for Rs. 1.99 crore, each in favour of the Telangana State Warehousing Corporation."

"The original FD certificates were handed over to other accused Nanduri Venkat Raman. In this case money was not withdrawn and it was confirmed by the corporation," stated the officer.