Hyderabad: MBA graduate's heist plan fails, gets arrested

Hyderabad: A 28-year-old MBA graduate Maram Achi Reddy, planned a perfect money heist but failing in his attempt, he was arrested by Meerpet police.

The accused person Achi Reddy, a native of Kodad, Suryapet district joined Sri Sai Charana Paper Mills in Kodad, as an accountant six months ago as the owner of the mills was his relative.

He was maintaining the company's accounts and would frequently travel Hyderabad to collect money from multiple agents. On his first visit to the city, he collected a whopping amount of Rs 10 lakh which made him greedy. 'He planned the heist because he wanted to commit a crime without being caught', said the Commissioner of Police, Rachakonda, Mahesh Bhagwat.

He said, "The accused came to the city on May 25 and collected a total of Rs 8,51,950 from multiple agents and returned to Kodad. But after crossing LB Nagar, on his way to Meerpet he called his uncle and other agents of the company to inform them that he was looted on his way back to home. However, in reality, he hid the money in the bushes on the highway. When his uncle reached the city on May 26, the accused and his uncle lodged a complaint at Meerpet police station. While investigating, he confessed to his crime of committing the theft," explained the officer.

He was arrested under Section 392 of IPC and will be remanded to judicial custody.