Hyderabad: The Central Bureau of Investigation's Hyderabad officials and the Mumbai Crime detection branch arrested the mastermind behind the State Bank of Hyderabad scam, Ch V.K. Sai Kumar on Thursday.
CBI DIG Chandrasekhar said the arrest took place in Mumbai and the accused will be brought to Hyderabad on prisoner transit warrant. The case pertains to the fraudulent withdrawal of fixed deposits from the State Bank of Hyderabad connected to the liquidation of a company. The official liquidator of the High Court had transferred Rs 9.86 crore to the SBH's Malkajgiri branch and the same was siphoned off by the accused.
“Earlier we arrested K.V. Rmana Rao and Damodaran Mani. During investigation the duo revealed that Sai Kumar was the mastermind and the main beneficiary of the fraud,” the CBI said. The accused is the MD of Swal Computer. The company was declared a vanished entity by the Registrar of Companies. He floated four other companies.
Investigations found that he is also involved in the United Bank fraud case.
Earlier the CID of the AP police had arrested him in 2012 for misappropriation of Rs 55.47 crore worth of fixed deposits parked with the Vijaya Bank by forging documents to open a current account in the name of the AP State Minority Finance Corporation.
