Accused had siphoned off Rs. 55.47 crore belonging to the corporation
A day after the CID raided the A.P. State Minorities Finance Corporation office, it made a breakthrough in nabbing the four accused persons allegedly responsible for siphoning off Rs. 55.47 crore belonging to the corporation.
The accused withdrew the money kept in a fixed deposit by fraudulent means from the Vijaya Bank branch at Koti by issuing 240 cheques in the name of 16 different firms after opening a fake current account in the name of APSMFC. The arrested persons included the mastermind Chunduri Venkata Koti Saikumar, Nanduri Venkata Raman, B. Keshav Rao and Vijaya Bank assistant manager Naveen Sagar. All of them were produced before the court on Thursday. The CID formed teams to unearth misappropriated funds meant for grant of scholarships to the minority students.
In a press release, S.V. Ramana Murthy, additional DGP, said simultaneous searches on the houses of Saikumar, Venkata Raman, Vijay Bank, Koti and in the office of APSMFC led to seizure of documents, cash and vehicles.
The police recovered original fixed deposit receipts for Rs. 10 crore and Rs. 4 crore which are in the name of the APSMFC besides net cash of Rs. 80,000. Police also seized a Volkswagon Vento car worth Rs. 18 lakh, Chevrolet Beat worth Rs. 5 lakh, an Innova vehicle, original sale deed for purchase of 200 acres of land at Kothur in Mahabubnagar district worth Rs. 15 crore, original sale deed of a house plot worth Rs. 5 crore, cell phones, laptops, credit and debit cards.
The CID swung into action after M. Dana Kishore, Secretary, Minorities Welfare Department, lodged a written complaint on Tuesday.