We all know the sensation the multi-crore Telugu Academy fraud case had created across the Telugu states. The investigation is going on at a rapid pace and a few people were arrested as part of the investigation. Keeping the severity of the case, the Telangana government took a key decision in the much-talked-about case.
It is said that the CM KCR led Telangana government had transferred the Telugu Academy case from the Central Crime Station to the central agency Central Bureau of Investigation(CBI) for the reason that the cops have unearthed information which says the bank officials might also have played a role in the fraud case.
It has been widely reported that the case was transferred to see that as the caps are facing a few issues in probing the matter given the fact that bank employees are involved in the case. Hoping for a smooth investigation, the case was handed over to the CBI.
The case including the multiple First information reports filed by the Central Crime Police in connection with the case was also transferred to the CBI. The central agency will take over the case and start its investigation where the cops have left.
The multi-crore bank fraud was about ₹64.50 crore money that belongs to the Telugu Academy located in Hyderabad. The fraudsters have used the money by withdrawing the money from the fixed deposits of the Academy. The accused include bank employees, realtors, and others. So far, 16 accused were arrested by the cops.
The investigation done by the cops had found out that one Sai Kumar, a realtor by profession, was the key conspirator in the case. He somehow befriended Ramesh, accounts officer at Telugu Academy. They made the plan for withdrawing the cheques and used the money by spending on luxuries and investing in real estate.
After withdrawing the amount, the accused had deposited them in AP Mercantile Co-Operative Credit Society accounts. Later, they started to draw the money and use it for their needs. The fraud was unearthed after the authorities had started to divide the assets between Andhra Pradesh and Telangana based on the Court’s order. The case was then handed over to the cops.