Alert staff foil another fraud by Telugu Akademi accused    

Another Fixed Deposit fraud, similar to the Telugu Akademi FD case, has come to light.

Published: 23rd January 2022 01:59 PM  |   Last Updated: 23rd January 2022 01:59 PM   |  A+A-

Union Bank of India

Union Bank of India (File Photo | Reuters)

By Express News Service

HYDERABAD: Another Fixed Deposit fraud, similar to the Telugu Akademi FD case, has come to light. According to police, Mastan Vali, the former manager of Union Bank of India, Karwan branch, who is also one of the accused in the Rs 64 crore Telugu Akademi fraud, had attempted to divert funds of Telangana State Warehousing Corporation, but his plans were foiled by alert officials. Mastan Vali was arrested on October 1 by CCS police following a complaint registered by Telugu Akademi director M Somi Reddy. 

CCS Joint Commissioner Gajarao Bhupal said, “Mastan Vali diverted the Akademi’s Fixed Deposits with the help of the Telugu Akademi and bank employees. He adopted a similar modus operandi in an attempt to encash the Fixed Deposits of the State Warehousing Corporation.” Mastan Vali was released on bail on January 19.

Bhupal said: “The FDs were dated January 6 and 7, 2021 and were worth Rs 1,99,00,000 each, amounting to a total of Rs 3.98 crore. Out of eight Fixed Deposits, six were genuine while two were forged.” 

The original FDs were handed over Nanduri Venkata Ramana, who was involved with Mastan Vali in the Telugu Akademi fraud as well. However, the discrepancies were noticed early by the staff of the Warehousing Corporation who lodged a complaint. This resulted in the money not being withdrawn.


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