Rs 40 crore fraud: IAF ex-officer says account misused to park loot in Telangana

HYDERABAD: In a fresh twist to the Rs 40 crore IndusInd Bank scam, one of the four accused - an ex-IAF officer - has claimed that the other suspects illegally routed the funds by deceiving him to open an account in the bank. He also accused them of cheating him of his properties worth Rs 12.50 crore.

Uday Kumar Reddy, a former group captain and a Vishisht Seva Medal awardee, has filed a police complaint against the other accused, Tollywood producer Shaik Basheed and IndusInd Bank (Shamshabad branch) manager K Ramaswamy.

As per initial complaint filed on July 19 by IndusInd Bank, Cyberabad police registered a case against bank officials Ramaswamy and Rajesh, and Reddy for allegedly siphoning off Rs 40 crore Aditya Birla Housing Finance Ltd's (ABHFL) Mumbai account.

As per police probe, the money was diverted into the account of Reddy from where it was transferred into multiple accounts across the country. Subsequently, police found the involvement of a fourth person - Basheed - and arrested him along with Rajesh and Ramaswamy on July 30.

It was after the trio's arrest that the ex-IAF officer filed a police complaint.

"The IAF veteran came across Basheed a few months ago through a real estate agent while he was looking to sell his Jubilee Hills property," said a Cyberabad cop.

In his complaint, Reddy said Basheed projected himself as a wealthy man and expressed interest in buying the property. On knowing that the complainant was willing to sell another property in Yapral, Basheed convinced him that he'd buy both for 12.5 crore.

"Under the pretext of this transaction, Basheed convinced the complainant to open an account in IndusInd Bank's Shamshabad branch. The former also called manager Ramaswamy who sent his staff to help the complainant with the process," the cop said.

Following an initial delay in execution of the sale deed and payment, Basheed informed the complainant that one of his business associates would credit 40 crore into his account and requested him to allow it.

"He asked the complainant to retain 12.5 crore as payment against the two properties and transfer the remaining amount to different bank accounts. He roped in Ramaswamy to convince the complainant," the cop said, quoting from the complaint.

Subsequently, the complainant alleged he was made to execute the sale deed in a hurry without being given much time to go through the content.

The ex-servicemen claimed he realised that he was cheated when his account was frozen by the bank which told him that the 40 crore credited to his account were proceeds of fraudulent transactions.

"As per the complainant, both his money and properties are now inaccessible because of the fraud. We are verifying the allegations, and will take action accordingly," a police personnel from Cyberabad said.


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