Film Producer, Two Bankers Arrested For Stealing Rs 40 Crore

The Economic Offence Wing of the Cyberabad police has accused three persons of being involved in a criminal breach of trust - bankers K Ramasamy and S Rajesh of IndusInd Bank, and small-time film producer Shaik Basheed.

The trio are accused of unauthorized debit transactions amounting to Rs 40 crore without any cheque or RTGS forms.

A case was registered under sections 61(2), 316(2) 316 (5) and 318 (3) read with 3(5) BNS, upon a complaint by Manikandan Ramanathan, Zonal Head of Operations, IndusInd Bank, Hyderabad.

On July 19, 2024, Ramanathan, along with a customer K. Uday Kumar Reddy, lodged a complaint against Ramasamy and Rajesh that on July 12, 2024, an unauthorized debit of Rs 40 crore was made from the account of Aditya Birla Housing Finance Limited at the bank's Nariman Point (Mumbai) branch.

The transactions were allegedly executed by the employees in collusion with others to misappropriate funds, resulting in a Rs 40 crore loss for the bank.

Following the unauthorized transfers, Shaik Basheed orchestrated the withdrawal and further distribution of the misappropriated funds.

Among the disbursements, Basheed facilitated the purchase of two Toyota Fortuner cars, one of which was promised to Ramasamy as a reward for his cooperation in the fraudulent scheme.

Ramasamy and Rajesh were arrested on July 24 in Hyderabad, while Basheed was arrested on July 29 in Delhi. All of them were sent to judicial remand.

Basheed was reportedly involved more than 10 cheating cases in. He is also a film producer, and had contested for the Rajampet Lok Sabha constituency of Andhra Pradesh as the Congress candidate.