Five held for illegally withdrawing Rs 1.27 cr
Hyderabad, May 12 (INN): City Police have arrested five persons for withdrawing Rs 1.27 by using stolen cheques of a company here on Thursday. According to Saifabad Police, Kakulavaram Chenna Reddy, Koverla Ranga Chary, Kasthuri Shashi Kumar, Yerrabelli Ramulu, and Chitigori Governdhan were arrested after they duped the Hindustan Sanitary Industries, located at Ashok Bhoopal Chambers, SP Road, Secunderabad.
The police said that investigations into the case began after Hindustan Sanitary Industries vice president JK Somani lodged a complaint in Ramgopalpet Police Station on May 3. Mr Somani told the police that 25 cheques were stolen from the office and Rs 1.27 crore was transferred to other bank accounts.
Following the complaint, the police investigation revealed that an assistant in the company, K Chenna Reddy was the mastermind. Chenna Reddy colluding with Accounts Officer K Ranga Chary, senior Assistant K Sashi Kumar and a car driver Ramulu to withdraw the amount after forging the signatures of the signing authority of the company.
The employees had information about the bank accounts of the company and members the funds existing in each account as they get bank statement each fortnight.
The accused established contacts with several bank account holder and got the money transferred. They took the help of Sudhakar, Pradeep Reddy and Goverdhan to seek the help of persons with bank accounts to transfer the money, on a commission basis.
The accused then brought properties with the money. The police recovered Rs 12,40,000 in cash and property documents from them. The accused will be produced before XI ACMM Court at Secunderabad for remand, the police said.
The police are making efforts to nab the holders of bank accounts who agreed to transfer the money on a commission basis. These have been identified as Srinivas, Narsing Rao, Pradeep Reddy, Mohammed Saleem, Vasavi Prasad, Cholla, Sudhakar, Atulri Vijay Kumar, Mohammed Shabuddin, A Anil and others.
News Posted: 12 May, 2011
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