VIJAYAWADA: Fixed deposits worth Rs 14.6 crore belonging to AP Cooperative Oilseeds Grower’s Federation Limited (AP OILFED) and State Warehousing Corporation have been liquidated by submitting fake and fabricated documents. The identity of the accused is yet to be ascertained.
Based on a complaint lodged by Chalapaka Ramana Murthy, manager of AP OILFED, Atkur police registered a case of cheating and other relevant sections of IPC for withdrawing Rs 5 crore worth FDs by submitting fabricated documents and transferring the amount to other bank accounts.
Murthy alleged that the accused had forged the employee’s signatures for liquidating the funds meant for the welfare of farmers and oil seed traders. Similarly, Y Pattabhi Ramayya, general manager of State Warehousing Corporation, filed a complaint with Bhavanipuram police that the corporation's FDs to the tune of Rs 9.6 crore had been misappropriated.
“In both the cases, the accused opened bank accounts in a different bank and submitted fake documents to withdraw the FDs. Since the crime is similar to the Telugu Academy scam, where the accused had liquidated FDs worth Rs 64.50 crore, we are also investigating the role of the accused arrested in that case to ascertain if anyone has involvement in these cases,” city police commissioner said.