APSMFC fraud case: Four accused get 7-days police custody

The Sixth Additional Chief Metropolitan Magistrate Court permitted the Crime Investigation Department (CID) to take custody of the four accused, including Vijaya Bank's (Raichur branch) Assistant Manager Naveen Sagar, Venkata Raman, B Keshav Rao and V K Sai Kumar, for seven-days from tomorrow, CID Special Public Prosecutor Ajay Kumar said.

All the four accused, who were arrested on October 11, are presently under judicial custody.

The APSMFC had put fixed deposits to the tune of Rs 78 crore in Vijaya Bank branches at Koti, Bandlaguda and Nallakunta here this year.

The CID had arrested Sai Kumar, and others on charge of withdrawing the money kept in fixed deposit through fraudulent means from the bank's Koti branch by issuing 240 cheques in the name of 16 different firms after opening a fake current account in the name of APSMFC using forged documents.

According to CID, Sai Kumar, an MCom and ICWA, established a software company in the name of Swal Computers at Begumpet and hatched a plan to siphon off fixed deposits of APSMFC. He teamed up with Venkata Raman of Kondapur to execute his plans.

Sai Kumar, also the Managing Director of the IT start-up firm Onecard Techno Services, had earlier announced rolling out its 'one-nation-one card' aimed at integrating numerous plastic cards in a single card, which he claimed, will relieve people from the burden of carrying multiple cards.

Former Indian cricket team captain Sourav Ganguly was the brand ambassador of 'one-nation-one card' product. (More)