Society secy sentenced to life for Rs 52.45-crore fraud in Telangana
HYDERABAD: The Metropolitan Sessions Court, Nampally on Tuesday sentenced Akula Krishna Murthy, secretary, of Telegraph Traffic Employees Cooperative Credit Society, to life imprisonment and also a fine of Rs 1,10,000 for misappropriating Rs 52.45 crore Fixed Deposits of the members.
The fraud came to light after some members of the society, located at Koti, lodged a complaint with the CCS in 2008. They said that they had deposited their life-saving and retirement benefits in the form of FDs, all worth Rs 52,45,85,868 for monthly returns.
Krishna Murthy, with the help of eight others, misappropriated the entire amount.CCS registered a case under IPC Sections 406,420, 409 and Section 5 of the AP Protection of Depositors and Financial Establishment Act-1999 and a charge sheet were filed in 2010.