Telugu Academy Bank Fraud Mastermind Wanted To Start Media Channel| HYDERABAD: The mastermind behind the Telugu Academy fixed (Rs 64.5 crore) deposits scam Chunduri Venkata Koti Saikumar, apparently had an interest in starting his own media channel.
As per the Central Crime Station (CCS) police investigation, many facts and details about Saikumar had come to the fore and also his craze for the media. As part of his deal, Rs 20 crore was taken by the mastermind Saikumar (49) out of the Rs64.50 crore amount which was siphoned off between January 2021 and August 2021. Understanding the power of media, he apparently set up a channel called ABC TV around 10 years ago.
He had siphoned off nearly Rs 200 crore from various companies in the last ten years, however, the desire to start a channel by Sai could not materialize. In 2012, Sai and another accused Venkataramana had drawn off Rs 55.47 crore in FDs belonging to the Andhra Pradesh State Minorities Finance Corporation. A fake account was opened in Vijaya Bank in the name of Minorities Corporation. They had done this with the help of one Keshava Rao, a resident of Kamalanagar, ECIL, who acted as a broker for the Corporation and the banks. That amount was diverted into accounts opened under the names of 16 bogus companies using nearly 240 fake cheques. Of these, Sai has taken about Rs 20 crore as his share.
From this amount, Sai spent Rs 8 crore to set up a TV channel called ABC TV. For this, he leased a building in Hyderabad and also spent a fortune in getting modern furniture and equipment to start a channel. He even paid huge sums of money as salary advances to those working in various media companies to join him. However, before the channel be launched he was caught by the CID. CID officials of erstwhile united Andhra Pradesh identified his attempts to set up a channel during the course of the investigation of the case.
That did not deter Sai Kumar, who had recently stolen nearly Rs 20 crore from the Telugu Academy FDs, spent some of this money to set up a YouTube channel under the name of Shravya Media. He had taken two flats in Cyber Rich Apartments in Kondapur, for setting up the YouTube channel initially. The Cyber Rich Apartments in Kondapur had become a haven for the Telugu Academy scamsters. Sai who initially planned to launch the YouTube channel then changed his mind and wanted to start a satellite channel with the ill-gotten money from the scam
Saikumar was a realtor from Amberpet in the city and was previously involved in similar offenses in Andhra Pradesh and Chennai. Apart from the AP Minority Welfare Society scam in 2012, Sai Kumar has also been accused in the AP Housing Board Scam of nearly Rs 6 crore and Rs 25 crore FDR fraud of Northern Coal Fields in Chennai. All these cases are being investigated by the Central Bureau of Investigation.
As part of the Telugu Academy scam more than 16 people have been arrested so far and further investigation is underway about how the money was spent by the accused.