HYDERABAD: As part of the ongoing probe by the Central Crime Polie Station officials in the Telugu Academy bank deposits fraud case, another key accused was arrested on Tuesday.
As per reports, a person named Krishna Reddy who was on the run was arrested by the police. He is said to be a close aide of the mastermind Sai Kumar, who together with fifteen people embezzled crores of government money from the Telugu Academy funds jointly belonging to the states of Andhra Pradesh. Krishna Reddy originally hails from Proddutur in Andhra Pradesh and lives in Nizampet in Kukatpally. It is learned during the police investigation, Krishna Reddy is said to have taken Rs 3.5 crore despite allegations that Rs 6 crore was taken.
Police have also identified that Krishna Reddy played a key role in Rs 10 crore-AP Warehousing scam and also in the AP Seeds Corporation scam where Rs 5 crore was siphoned off in a similar manner. Two cases have been registered against Krishna Reddy in AP in this regard.
Investigations further revealed that Venkat Saikumar had bought 35 acres of land with the money. Another accused Venkateshwar Reddy was also found to have bought a huge building in Sattupalli. Along with them, bank managers Mastan Wali and Sadhana bought apartments with the stolen money, officials said.