CBI nabs city based mastermind of bank FD fraud in Mumbai

Hyderabad: V.K Sai Kumar, managing director of a city-based software firm, and the alleged mastermind of multi-bank Fixed Deposit siphoning frauds, was on Thursday arrested by the CBI in Mumbai. Sai Kumar was also arrested earlier by the CID for siphoning off FDs worth Rs 55.47 crore from Andhra Pradesh State Minority Finance Corporation in 2012.

The CBI had registered a case in December, 2015, based on the directives of the High Court, pertaining to the fraudulent transfer of Rs 8.54 crore FD money, belonging to M/s Allwyn Watches from SBH, Malkajgiri branch.

After a detailed investigation the CBI arrested K.V Ramana Rao, a former employee of SBH and Damodaran Mani. During their custodial interrogation, they confessed about V.K Sai Kumar being the alleged mastermind and benefactor of the fraud. The CBI also became aware of the Sai Kumar's involvement in a similar FD amount fraud in the Union Bank of India's branch at Khammam.

Sai Kumar, the managing director of Swal Computers, who was earlier arrested in the APSFC fraud, and was out on bail, was arrested from a hotel in Mumbai with the help of the Mumbai Crime Branch. He is being brought to Hyderabad to face criminal proceedings here.