The Central Crime Station on Saturday announced the arrest of Shaik Mastanvali Saheb, in the Telugu Akademi case, in which ₹43 crore were siphoned off.
According to police, FDRs were closed and the amount was withdrawn by the accused. The accused, who was arrested, is a chief manager and previously worked in the Union Bank of India’s Karwan Branch. He was arrested on Friday. A case under sections 409, 419, 420, 465, 467, 468, 471 read with 34 of the Indian Penal Code has been registered.
“Investigation revealed that the chief manager, on the basis of fake documents created by other accused, liquidated FDs of Telugu Akademi and transferred money to the account of A.P. Mercantile Co-Operative Credit Society in Agrasen Bank without requisite checks,” police said.
