HYDERABAD: The Central Crime Station (CCS) sleuths arrested the bank manager who used to work for Union Bank of India in connection with the Telugu Academy case. The accused Shaik Mastanvali Saheb is the Chief Manager of Agrasen Bank and was working with the Union Bank of India earlier.
“Investigation revealed that the Chief Manager (referring to Mastanvali), on the basis of fake documents created by other accused, has liquidated fixed deposits of Telugu Academy and transferred amounts to the account of AP Mercantile Co-Operative Credit Society Limited in Agrasen Bank without requisite checks,” the police said.
Mastanvali was arrested and booked under Sections 409, 419, 420, 465, 467, 468 and 471 of the IPC. Earlier, the three accused BVVN Satyanarayana, Chairman of AP Mercantile Co-Operative Credit Society, Vedula Padmavathi, Manager in AP Mercantile Co-Operative Credit Society Limited, and Sayyad Moinuddin, relationship manager in Agrasen Bank, were also arrested.
RECENT DISCOVERY
After the SC directed that the assets of the Telugu Academy be divided among Andhra and Telangana in the ratio of 58:42 and that the process be over by October 28, the officials, during the audit of the assets, stumbled upon it