Telugu akademi scam: ED to take up money laundering probe

The Enforcement Directorate (ED) will initiate its investigation into the Telugu akademi scam and seize the assets bought by the arrested persons in the case.

The ED will look into the bank accounts of the accused and launch an inquiry on the diversion of fixed deposits and take action against them under money laundering act.

A total of Rs 64.5 crores were swindled from the various bank accounts of the Telugu Akademi. The prime accused in the case, Sai Kumar and the other arrested persons utilized the money for their personal interests.

While the Central Crime Station is already looking into the case, the ED will also register a case under money laundering act