V.K. Sai kumar the Managing director of Hyderabad based software firm and the alleged mastermind of multi bank Fixed deposit siphoning frauds has on Thursday was arrested by the CBI from Mumbai. Sai Kumar was also arrested by the Central Bureau of Investigation (CBI) for siphoning off FD’s for Rs. 55. 47 crores from AP State Minority Finance Corporation during 2012.
During 2015, the CBI has registered a case based on the instructions from the High Court pertaining to the fraudulent practices of transferring nearly Rs.8.54 crores Fixed deposit money, which belongs to M/s Allwyn Watches from SBH from Malkajgiri branch.
The CBI has made a thorough investigation about the case and has arrested K.V. Ramana Rao, a former employee of SHB Damodaran Mani. During the interrogation, they have accepted that V.K. Sai Kumar is the mastermind behind the fraudulent practices.
The CBI was also aware of the Sai Kumar’s involvement in a similar FD fraud case in the Union Bank of India’s branch at Khammam. Sai Kumar is the MD of Swal computers who was previously arrested in the APSFC fraud and has come out on bail and presently was arrested in a Hotel in Mumbai with the guidance of Mumbai Crime Branch. He was brought to Hyderabad for further proceedings.
