Hyderabad: CCS Expedites Investigation Into Telugu Academy Bank Account Fraud

HYDERABAD: Central Crime Station police officials have expedited the investigation into the alleged fraud in the Telugu Academy bank account. The CCS police have received three complaints so far. Academy officials have complained to CCS that about Rs 43 crore was misappropriated, and based on the three complaints a case was registered and police have started investigating the matter.

Police have already taken several bank officials to the CCS and are questioning them. Among them are employees of Union Bank in which the Telugu Academy has an account, Canara Bank, RBL Bank, and Agrasen Bank. The police are carrying out the investigation to ascertain whether the Telangana or Andhra Pradesh academy officials have withdrawn this amount.   

The Academy officials discovered this embezzlement when they tried to implement the Supreme Court’s order to divide the Telugu Academy assets and funds between the two Telugu States.  The Academy which is located in Himayatnagar in Hyderabad has been included in the list of Assets and funds to be divided between the two States as per the  Bifurcation Act of 2014. 

According to the orders of the Supreme Court, the academy has to give the Andhra Pradesh government a share of Rs 125 crore out of Rs 213 crore of the funds.

While calculating the details of buildings and cash in various banks along with Union Bank of India- Karvan branch in Santosh Nagar, it was found that there were Rs 43 crore in fixed deposits. Academy officials decided to take these before the deadline. However, when the officials tried to withdraw Rs 43 crore, it was found that there was no money in the bank. When the Telugu Academy officials went to the bank for the money on September 22, the officials said that they would give the money soon. When they questioned the bank officials again, Mastan Ali, the bank's manager said there were no funds in the account. Academy Director Somireddy lodged a complaint with the police. Police are verifying the role of the bank manager in this transaction. Of the Rs 43 crore, Rs 23 crore seems to have been transferred to another bank. The embezzled amount of Rs. 43 was kept in a fixed deposit with the Union Bank.  The Union Bank officials stated that the amount was withdrawn by some of the Academy officials in the month of August.

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