New Delhi, March 31: CBI today arrested alleged mastermind of a fixed deposit fraud at State Bank of Hyderabad in which funds of Official Liquidator of High Court of Judicature at Hyderabad were allegedly siphoned off by the employees of the Bank. Also Read - CBI arrest of Tawde shows probe moving in right direction, says Dabholkar's son
V K Sai Kumar, Managing Director of Hyderbad-based software firm Swal Computers who was identified by two co-accused as main alleged mastermind was nabbed from a hotel in Mumbai by a CBI team where he has been hiding.
The agency has arrested an ex-employee of the Bank K V Ramana Rao and one Damodaran Mani who had revealed the name of Kumar as the master mind behind the fraud and main beneficiary of the fraud amount.(ALSO READ:CBI arrests Income Tax officer for receiving bribe).
Kumar was also arrested in 2012 for alleged misappropriation of Rs 55.47 crore worth of fixed deposits (FDs) in Vijaya Bank, for allegedly forging documents to open current account in the name of AP State Minority Finance Corporation (APSFMC), the sources said.
The sources said he is also allegedly involved in other CBI cases of bank fraud and it is learnt that he is an habitual offender.
It is alleged that office of the Official Liquidator, High Court, Hyderabad has transferred Rs 9.86 crore to State Bank of Hyderabad, Malkajgiri Branch, Hyderabad with a request to issue Fixed Deposits in the names of various companies in liquidation.The branch manager had sent these FDs in favour of Allwyn Watches Limited through one K V Ramana Rao, ex-employee of the Bank, the FIR alleged.
During verification, on a later date, by the Official Liquidator, it was informed by the Branch Manager that one of the FDR worth Rs 8.45 crores issued in favour of the company was prematurely closed under the purported instructions issued by the Liquidator’s Office.It is alleged that the FDRs in the possession of the Official Liquidator are fabricated ones.
The High Court had orderd CBI to probe the case.