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 Akademi 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, on the basis of fake documents created by other accused, has liquidated fixed deposits of Telugu Akademi 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 and Vedula Padmavathi, from Andhra Pradesh Mercantile Co-Operative Credit Society and Sayyad Moinuddin from Agrasen Bank, were also arrested.