Hyderabad: While the Central Bureau of Investigation in its report to the Hyderabad High Court on Monday favoured a detailed probe into the missing funds from the official liquidator’s accounts with the State Bank of Hyderabad, investigations by Malkajgiri police has revealed that the scam is widespread.
While the total amount missing from SBH Malkajgiri and Khammam branches and United Bank of India is Rs 38 crore, investigation has revealed that Rs 18 crore of the undivided AP Housing Board, with the Ghatkesar branch, has been siphoned off.
The culprits withdrew money from the account of the official liquidator, which was deposited from sick corporate companies, by using fake authorisation letters. The same modus operandi was adopted for withdrawing money of the AP Housing Board too.
Malkajgiri police, which has booked a criminal case, stumbled upon more such frauds after questioning a few suspects.
A CBI official said, “The total amount withdrawn from SBH and UBI is '38 crore. The accused used fake authorisation letters and got the funds transferred into their personal accounts.”
Police have picked up one of the key accused, Ramana Rao ,60, a resident of Vimala Devi Nagar of Malkajgiri. Rao is a retired SBH employee and a native of Guntur. One Mr Venkatesh, a resident of Malkajgiri, is also being questioned.
The prime accused, Damodaran Mani, a native of Chennai, is absconding.Malkajgiri inspector of Police Mr G. Shekar Goud said, “Around Rs 8.5 crore of the Official Liquidator with SBH Malkajgiri has been siphoned off. While investigating the case we found that the same gang, led by Damodaran and Ramana Rao, were involved in siphoning off Rs 18 crore fixed deposits of AP Housing Board with SBH Ghatkeswar branch. Similarly, another gang has been involved in misappropriating money with the Khammam SBH branch. The modus operandi is the same and the money, of sick companies, was parked with the High Court liquidator. During investigations we found that out of all the money swindled by Ramana Rao and Damodaran’s gang, Rs 5 crore is still with the banks. They opened several accounts in Delhi, Rajkot, Mumbai and several other cities and transferred it.”
Earlier too Malkajgiri police had arrested a gang involved in swindling money of the Board of Intermediate Education.
HC directs liquidator to file complaint
Justice Challa Kodandaram of the Hyderabad HC on Monday directed the official liquidator to make a formal complaint with the CBI and get an FIR registered regarding the alleged transfer of funds of companies under liquidation from State Bank of Hyderabad and several other banks.
The judge was dealing with a petition filed by Allwyn Watches Ltd (which is under liquidation) represented by its official liquidator, seeking a probe into the fraudulent transfer and misuse of its Rs 9 crore lying with the SBH.
Maintaining that he had also received similar information about fake documents pertaining to Andhra Bank, the judge said that wherever the office of the official liquidator was involved, these episodes were surfacing.
When the plea came up for hearing, the judge asked the official liquidator whether he had lodged a complaint with the CBI or not as per an earlier direction of the court. Counsel representing the liquidator replied in the positive and placed a copy of the complaint before the judge.
The judge expressed dissatisfaction with the way it was drafted and sent it to the CBI. The judge advised counsel to give a proper complaint to the CBI with a request to register an FIR and investigate the matter.
CBI counsel P. Kesava Rao said there seemed to be a bigger conspiracy involved in the matter as there was a similar fraud at Khammam.
He asked the judge to advise the liquidator to include the details of funds misused at Khammam and Hyderabad in the complaint.
While cautioning the official liquidator that he was being watched, the judge directed the liquidator to lodge a complaint with the CBI. The judge posted the case to Tuesday.
Download the all new Deccan Chronicle app for Android and iOS to stay up-to-date with latest headlines and news stories in politics, entertainment, sports, technology, business and much more from India and around the world.
