AP official shifted after Rs 55 crore fraud
Hyderabad: Andhra Pradesh government on Friday shifted AP State Minority Finance Corporation`s managing director Mohammed Ilyas Rizvi, a day after the arrest of four people in Rs 55 crore fraud.
Chief Minister N Kiran Kumar Reddy issued orders transferring APSMFC vice chairman and managing director Rizvi. The official was shunted out and not given any new posting due to his alleged negligence, which led to the misappropriation of funds.
However, immediately after his transfer, Rizvi tried to shift some key files from his office but was prevented by senior officials in the minorities welfare department.
The Crime Investigation Department (CID) of police is now also probing the allegations against the official that he had knowledge of the siphoning of funds.
Intensifying its probe into the scam, the CID officials on Friday conducted checks at two minority colleges in the city.
The CID had Thursday arrested four people including CVK Saikumar, managing director of city-based software firm Swal Computers for misappropriation of Rs 55.47 crore worth of fixed deposits (FDs).
Saikumar in connivance with N Venkata Raman, B Kesava Rao and Naveen Sagar, assistant manager of Vijaya Bank in Raichur, Karnataka, forged documents to open current account in the name of APSFMC.
They diverted the APSMFD FDs to the bank account and later to various bank accounts of fictitious firms they had floated for the purpose.
Additional Director General of Police, CID SV Ramna Murthy said they seized documents, cash and vehicles after raids on the houses of the four accused.
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