HYDERABAD: Police are on the look-out for a Zilla Parishad Territorial Constituency (ZPTC) member from Nalgonda district who is believed to have masterminded the sensational Andhra Bank cheque fraud case.
Said to be a close associate of a former Minister and owning couple of petrol bunks in central parts of the city, the ZPTC member went into hiding soon after the Hyderabad Detective Department officials made the first arrest in the case two weeks ago. Investigators believe the same ZPTC member was behind presenting a fake cheque of Andhra Bank for 5.9 crore in Axis Bank’s Punjagutta branch in March.
Police found that the public representative in question provided money to two persons, K. Rama Rao and K. Venkateswar Rao, hailing from West Godavari district, to open an account with Axis Bank in the name of Srinivas Power Systems. The bank manager alerted the police on finding that the address mentioned by the duo in the application form was fake. Suspicions about the possible complicity of the ZPTC member in the case arose after police gathered evidence that he was contacting some of the accused in the case now and then.
His arrest was crucial since none of the six persons arrested so far in the two cases were able to tell from where they got the fabricated cheques, police sources said.
It is found that the kingpins in the cases got two original cheques of Andhra Bank-one belonging to A.P. State Finance Corporation and the other to A.P. Gas Power Corporation -- got scanned and prepared fake ones. But how did the accused have access to cheque leaves of two Corporations?