HYDERABAD: The Enforcement Directorate (ED) is to investigate the multi-crore Telugu Akademi fixed deposit fraud. So far, the Central Crime Station (CCS) has arrested 10 accused, including the mastermind Chunduri Venkata Koti Sai Kumar. The case relates to fraudulent withdrawal of fixed deposits from two public sector banks to the tune of Rs 64.5 crore.
The central agency is likely to register a case under the Prevention of Money Laundering Act (PMLA) and take up investigations, sources said. As the case involves money laundering, Hyderabad police urged ED to initiate the probe.
The arrests were made during an investigation into three cases registered on complaints of Telugu Akademi, Union Bank of India and Canara Bank.
The police could not recover most of the loot as the accused purchased properties and had made other investments. The ED is likely to identify those properties and seize them....