HYDERABAD: Canara Bank of Chandanagar trasnferred Rs 10 crore to Telugu Akademi on Wednesday, which the Akademi had lost in the Rs 64.50 crore fixed deposits fraud. Akademi’s accounts officer S Ramesh had swindled more than Rs 60 crore with the help of a person named Yerrajennela Somasekar and several others, including personnel of Union Bank, Canara Bank, AP Mercantile Cooperative Credit Society Ltd, and a few realtors.
Canara Bank Manager M Sadhana was involved in the scam. The fraud took place for over 10 months. The money was invested in real estate, several properties and was also used for clearing debts. It is reported that the bank personnel and others involved were planning to replace the money in the bank accounts. Out of the illegally withdrawn 43 fixed deposits, Karwan branch of the UBI withdrew the amount in 26 instances followed by 11 and six times by UBI, Santhosh Nagar, and Canara Bank, Chandanagar.