Fixed deposit scam in Andhra Pradesh: 2 arrested, 8 on the run

VIJAYAWADA: Vijayawada police on Friday arrested two persons in connection with the fixed deposit scam in Andhra Pradesh state warehousing corporation and AP cooperative oil seed growers federation.
The perpetrators diverted Rs 9.6 crore from the fixed deposit account of warehousing corporation and Rs 5 crore from the account of oil seed growers federation.
Police had registered separate cases based on complaints given by the representatives of the respective organisations.
DCP Harshavardan Raju besides the two accused, they have identified eight others who were also involved in the Telugu Academy scam unearthed in Telangana.
The arrested persons have been identified as G Sandeep Kumar (36) and P Yohan Raju (40). The others involved in both cases have been identified as Ch Venkata Koti Sai Kumar, N Venkata Ramana, M Venkateswara Rao, Y Somasekhar, Krishna Reddy, G Padmanabhan, B V V N Satyanarayana Rao and Madan.
Harshavardan said the accused created fake documents with forged signatures of officials and diverted the funds into their own accounts with fake FDRs.
After the amount was deposited into their accounts, they distributed the money among themselves.
So far police have recovered Rs 11.6 lakh, while Rs 77.74 lakh kept in the accounts of the accused has been frozen. “We will seek the custody of the remaining accused by filing PT warrants.
Special police teams have been formed to trace those who are on the run,” the DCP said.