Hyderabad: The Central Crime Station (CCS) police of Hyderabad on Friday arrested three people in the Telugu Academy Fund, Rs 64 crore scam. The arrested people have been identified as BVVN Satyanarayana Rao, chairman and managing director of AP Mercantile Cooperative Credit Society Ltd, and Vijayawada resident Vedula Padmavati, manager and relationship manager of the same bank, Syed Mohiuddin.

Joint Commissioner of Police, CCS Avinash Mohanty said, “The arrested accused had opened fake accounts in the name of Telugu Academy in their society by accepting fake IDs. And it was also found that the letters were created by AP Trade Company- operative by the accused persons. The signatures of the society and bank officials and academy officials were forged and letters were written to the banks in the name of the officers to cancel the deposits.

"Fixed deposits of Rs 64 crore held in various banks were canceled and the amount was illegally transferred to various banks located in the city and the deposits were canceled and the amount was transferred to private banks by the accused persons. and it is known that the accused were working in connivance with some officials of Telugu Academy and the matter is being investigated further."

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