VIJAYAWADA: The city police on Thursday arrested three people in connection with the alleged liquidation of fixed deposits (FDs) worth Rs 14.6 crore belonging to Andhra Pradesh Cooperative Oilseeds Grower’s Federation Ltd and State Warehousing Corporation (APSWC) by using fabricated documents. Police also recovered documents and Rs 75,000 cash from the three accused.
According to a press release issued by the City Police Commissioner’s office, the accused had been working at the AP Mercantile Cooperative Credit Society. They were identified as N Shanmukh Anjaneyulu (35) (director), Sk Basheer (42) (operations back-end officer) and K Nagamani (42) (operations officer). So far, the police have recovered Rs 6.41 crore in relation to the case. A detailed inquiry is underway in all possible angles to identify the involvement of any other people in the crime and diversion of funds from the two companies.
It may be recalled that the police has already arrested eight people in connection with the alleged scam and further investigation is on.The scam came to light on October 14 after complaints were filed by representatives of AP Cooperative Oilseeds Grower’s Federation and APSWC at Atkur and Bhavanipuram police stations respectively. They reported that Rs 14.6 crore worth FDs were liquidated from the banks during their internal audit in the wake of Telugu Akademi scam.