The AP State Minorities Finance Corporation Limited will appoint a nodal officer to assist the CID’s investigation into the fixed deposit scam.
The state government issued orders Wednesday appointing a nodal agency and also handing over the case to CID. The CID, which is probing the scam, was given seven-day custody of the four accused by a court for further investigation.
The AP State Minorities Finance Corporation Ltd (APSMFC) had deposited about Rs 78 crore with three branches of the Vijaya Bank -- Koti (Rs 30 cr), Bandlaguda (Rs 40 cr and Nallakunta (Rs 10 cr). The deposits to the tune of Rs 55.47 cr were withdrawn by producing fake receipts.
The bank officials confirmed that about Rs 55.47 cr was withdrawn through (240) cheques in the name of (16) different organizations through current account No 4003 003011 000242 maintained in the name of Accounts Officer, APSMFC.
But the MFC officials said they did not have any current account in their names.
The current account was opened in the name of one Ahmedullah, Accounts Officer of APSMFC. But, the account opening forms have no photograph and other identification data of the Accounts Officer.
As per the preliminary verification, of the Rs 78 crore deposited with these three branches of Vijaya Bank, an amount of Rs 55.47 cr has been withdrawn fraudulently. The balance money is still available as fixed deposit with the Vijaya Bank branches. Minorities welfare department filed a case with the CID.
Swindled funds are meant for scholarships and other schemes of the corporation.
Meanwhile, the CID court on Wednesday gave permission for the investigation agency to question the four arrested accused in the case - Ch Venkata Koti Sai Kumar, N Venkataraman, Naveen Sagar and B Kesava Rao. They would be taken into police custody on Thursday.
CID will investigate possible involvement of officials of the corporation and Vijaya Bank in the fraud as it suspects that a such a big fraud is not possible without inside help.