VIJAYAWADA: The investigation into the sensational financial scam of liquidating fixed deposits (FDs) worth Rs 14.6 crore belonging to Andhra Pradesh Cooperative Oil Seed Growers' Federation Ltd and State Warehousing Corporation by using fabricated documents similar to the Andhra Akademi scam, has reached its last leg.
The police, who are probing into the scam that came to light on October 14 following the complaints from the officials concerned, reportedly have identified that the persons involved in the multi-crore scam at Telugu Akademi were also involved in the two cases, where Rs 14.6 crore were siphoned off from two different banks.
The representatives of both AP Cooperative Oil Seed Growers' Federation and State Warehousing Corporation realised that the amount they kept in FDs in two different banks in 2018 and 2019 were transferred to other unknown accounts between December 2020 to April 2021. The internal audit team confirmed the scam and alerted the police immediately.
After a complaint was filed by AP Cooperative Oil Seed Growers' Federation manager Chalapaka Ramana Murthy, Athkur police registered a case of cheating under relevant sections of IPC for withdrawing Rs 5 crore FDs by submitting fabricated documents and transferring the amount to other bank accounts.
Similarly, State Warehouse Corporation general manager Yarrapragada Pattabhi Ramayya filed a complaint with Bhavanipuram police that fraudsters misappropriated the corporation funds to the tune of Rs 9.6 crore by submitting fabricated documents.
After the cases were filed at Athkur and Bhavanipuram police stations, Vijayawada Police Commissioner Bathini Sreenivasulu formed a special team headed by Deputy Commissioner of Police (DCP-1, L&O) V Harshavardan Raju to investigate the scam.
During the investigation, the police teams collected information from both the banks - Sapthagiri Cooperative Society Bank in Gannavaram and Bhavanipuram Indian Overseas Bank branch.
"Involvement of the persons in the Telugu Akademi scam was proved in the two cases registered in Vijayawada. The accused confessed to their crimes committed in both the Telugu States. The accused used to target private associations, corporations and government aide societies, NGOs and trusts. The accused in the two scams were identified as Chunduri Venkata Koti Sai Kumar (49), BVVN Satyanarayana Rao (chairman and managing director of AP Mercantile Cooperative Credit Society) and a few persons and bank employees. Kumar, a Hyderabad-based realtor was the mastermind of all the scams and committed similar crimes in the past," sources close to the investigation team told The New Indian Express.
The accused posed themselves as bank representatives and approached junior-level employees of corporations/societies/associations and lured them with incentives and costly gifts for their cooperation.
The accused, then, promised corporation employees of a higher rate of interest and convinced them to transfer the FDs kept in other banks. Using their signatures, the accused opened a fake account in the name of the respective corporation and gave them fake FD bonds.
After some time, the amount was liquidated using the same forged signatures to their own accounts. "This is the modus operandi of the accused in all the cases. The role of some bank employees has been identified. Those involved in the case pertaining to the two scams will be brought here under prisoner transit (PT) warrant from Hyderabad CCS police custody and bank employees will be arrested soon after getting substantial evidence," the sources said.
It was also learnt that officials of Indian Overseas Bank allegedly accepted to return the lost FD money to the State Warehousing Corporation. However, the Sapthagiri Grameena Bank officials maintained that no irregularities were committed from their side.
Modus operandi of multi-crore 'scamsters'
The accused pose themselves as bank representatives and approached junior-level employees of corporations/societies/associations and lure them with incentives and costly gifts for their cooperation. The accused, then, promises corporation employees of a higher rate of interest and convinces them to transfer the FDs kept in other banks.
Using their signatures, the accused will open a fake account in the name of the respective corporation and gives them fake FD bonds in return. After some time, the amount will be liquidated using the same signatures