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Hyderabad: Former union bank manager was arrested by officials from the central crime station in the city for creating fake fixed deposits for the Telangana state ware housing corporation. The overall fraud amounted to Rs 65 crores.
The accused Shaik Mastanvali Saheb was arrested along with Nanduri Venkat Raman and 20 other accused for their involvement in the fraud. They operated out of Union bank of India, Karwan and Santosh Nagar branches as well as Canara Bank in Chanda Nagar branch. The Telugu Akademi was defrauded by forging and fabricating covering letters on the name of Director and Accounts officers from the Akademi.
The forged fixed deposits were handed over to Telugu Akademi’s accounts officer. The original FD amounts were in the possession of the accused and were encased and transferred to various accounts.
Earlier, the chief accused Mastanvali Saheb, while working in the Karwan branch of the Union bank of India had forged two fixed deposits on 6 and 7 January 2021 for the amount of Rs one crore and 99 lakhs in favour of the Telangana state warehousing corporation. Thankfully, the money was not withdrawn in this case and is still intact.
Mastanvali was arrested on 21 January 2022 and has been remanded to judicial custody.
This post was last modified on January 22, 2022 7:25 pm