Telangana: Hawala broker held in Rs 26 crore theft case

Hyderabad: A day after the SBH bank embezzlement came to light the Malkajgiri police arrested a hawala broker in connection with the case.

Police is also suspecting the involvement of more bank employees in the case.

Police thinks that without the help of top employees of the bank Rs 26 crore could not have been embezzled.

Police is also inquiri-ng with liquidator Arv-ind Shukla who had deposited the money following an order form the High Court.

The preliminary investigation has led to a person named Damodar, who is suspected to have planned the scam by using various people from bank and the liquidator's office.

However, police officials do not have much details about the scammer, who is now absconding. “We have got a name as most people we interrogated said they were acting as per his order. Efforts are on to find him,” said an investigation official.

Malkajgiri in-charge DCP E. Rama Chandra Reddy said that a former employee of the bank, K. Venkat Raman, had helped the fraudsters to move funds from this branch to various personal accounts.

The money, which belong to the Andhra Pradesh Warehousing Corporation and other companies, were deposited in banks by a liquidator after a High Court order as a court case was going on. The scammers transferred the money to at least 13 other accounts using forged documents.

A case under Section 420 (cheating), 468 (forgery), 470 (forged document) and 120(b) (criminal conspiracy) was registered at Malkajgiri police station.