Fixed deposit fraud: CID still awaits nod

Hyderabad: Five years have passed, but still the crime investigation department has not been able to prosecute Mohd Ilyas Rizvi, IFS. Mr Rizvi, former managing director of the Minorities Finance Corporation of united AP is an accused in the fixed deposit fraud that was unveiled in 2012.

According to officials, the TS CID is awaiting permission from the AP government to prosecute the officials. The CID had written to the AP government in 2016 to accord permission to prosecute the official. “We are awaiting permission to go ahead and prosecute the official. The case has been split and the remaining four persons accused in the case are facing trial,” said a senior official from the CID.

In October 2012, Mr M. Dana Kishore, who was secretary, minorities welfare department, had lodged a complaint with the CID about the siphoning of nearly '55.47 crore department funds. The money was deposited at various city branches of the Vijaya Bank in the form of fixed deposits, he had stated. 

Vijaya Bank assistant manager Mr Naveen Sagar, Mr Venkata Koti Saikumar, director of Swal Computers Ltd in Begumpet, his associates Mr N. Venkata Raman of Kondapur and Mr B. Keshav Rao, a bank deposit mediator from ECIL were arrested by the CID in the case. CID also named then APSMFC, MD Md Ilyas Rizvi as an accused in the case. After examining witnesses and interrogating the accused, CID found that for depositing '80 crore APSMFC funds with banks, Mr Rizvi had received '80 lakh (1%) as commission.