Hyderabad: Three AP Mercantile Cooperative Society (APMCC) Officials were arrested on Friday in this case related to the misuse of RS 60 Crore Deposits Fixed (FDS) from Telugu Academies from two different public sector banks (PSB).
Also, the state government removed Somi Reddy as Director of Telugu Academy.
Reddy, who is a joint director for adult education, is holding Telugu Academy Post as an additional cost.
This fraud was detected recently by Telugu Academy officials when they visited three branches from two PSB to ensure the total in FD as part of the bifurcation of assets between Telangana and Andhra Pradesh.
Bank officials revealed that FDS was liquidated and transferred to various accounts on the previous request from the academy.
Realizing someone had submitted a fake document, academy officials filed a police case.
On Friday, Hyderabad Central Crime Station (CCS) police arrested the APMCC Chairman & MD BVVN Satyanaryana Rao from Vijayawada; Manager (operation) Vedula Padmavathi from Hyderabad; And the relations manager of Sayyad Mohiuddin from Hyderabad.