Telugu Academy Bank Fraud Updates: Canara Bank Manager, 3 Agents Arrested

HYDERABAD: The Central Crime Police (CCS) police have arrested a Canara Bank manager of the Chandanagar branch on Tuesday in relation to the Telugu Academy bank deposit fraud case. The manager identified as Sadhana was arrested by CCS police. So far, nine people have been arrested in the Telugu Academy bank deposit scam.

Police had earlier arrested three agents in the case. Police upon questioning have found that the three agents Venkat, Sai, and Raj Kumar were involved in several scams in the past. CCS police said that the accused in the scam colluded with the Union Bank of India manager Mastan Vali and siphoned money from the deposits in the Telugu Academy.

The gang allegedly withdrew crores of Rupees from the three banks, between January and September this year. They had apparently planned to draw off off  Rs 324 crore belonging to the Telugu Academy by December this year. As per police sources, the  scamsters lured the banks and the Telugu Academy staff in the name of commissions.  The accused will be brought before the media at the Hyderabad Commissionerate shortly.

CCS police have already arrested the four people last week. Along with Mastan Wali, AP Mercantile Society chairman Satyanarayana, manager Padmavati, and clerk Mohiddin were arrested. A petition has already been filed in Nampally court to remand the four accused in custody for ten days. While the court allowed Mastan Wali to be remanded in custody for six days. The hearing on the custody petition of the other three was adjourned to Thursday.

Also Read: Telugu Academy Funds Fraud: Three Bank Managers Arrested