Andhra Pradesh

Two, including bank manager, arrested in FDR scam

The Central Crime Station (CCS) police arrested two persons, including a bank manager, in Fixed Deposit Receipt (FDR) scam in two banks.

The arrested were identified as G. Sandeep Kumar, former manager of Indian Overseas Bank (IOB), Bhavanipuram branch, and P. Yohan Raju, resident of Chittinagar, Vijayawada.

Disclosing this to the newsmen here on Friday, Deputy Commissioner of Police (DCP) V. Harshanvardhan Raju said following complaints by AP State Warehousing Corporation and AP Cooperative Oil Seed Growers Federation Limited about alleged swindling of FDRs, valued about ₹14.6 crore, Police Commissioner B. Srinivasulu directed the CCS police to investigate the scam.

During investigation, it was found that the Telugu Academy scam, in which ₹64 crore was swindled, was allegedly having links to the FDR scam, and special teams were constituted to trace and nab the accused, said CCS Assistant Commissioner of Police (ACP) K. Srinivas.

“We identified that eight more accused involved in Telugu Academy scam were involved in the cases booked in Vijayawada,” the DCP said.

Police recovered ₹.11.60 lakh from the two accused and ₹77.74 lakh was freezon in the bank accounts, Mr. Raju added.


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Printable version | Dec 9, 2021 3:22:43 AM | https://www.thehindu.com/news/national/andhra-pradesh/two-including-bank-manager-arrested-in-fdr-scam/article37132696.ece

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