The Hyderabad police today arrested former Union Bank of India manager S K Mastan Vali along with a Nanduri Vankataraman and 20 other persons for their alleged involvement in a fraud of about Rs 65 crores.
The fraud took place in Union Bank of India's Karwan and Santosh Nagar branches, and Canara Bank's Chandanagar branch.
The fraud was related to Telugu Akademi which deposited Rs 43 crores as FDs in the Karwan branch, Rs 11 crores in the Santosh Nagar branch, and Rs 10 crores in the Canara Bank branch between January and September 2021.
A Joint Police Commissioner, addressing a press conference, said that the accused had fabricated and forged FD certificates for the amounts and handed them over to the Accounts Officer of the Telugu Akademi.
He said that the original FDs, which were in the possession of the accused, were then encashed.
The accused later transferred the amounts to various accounts.
He said that they had registered one more case against Mastan Vali and others.
The arrest of the accused was made by Assistant Commissioner of Police K Manoj Kumar.