Rs 40 crore fraud: IAF ex-officer says account misused to park loot in Telangana | Hyderabad Information

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HYDERABAD: In a recent twist to the Rs 40 crore IndusInd Financial institution rip-off, one of many 4 accused – an ex-IAF officer – has claimed that the opposite suspects illegally routed the funds by deceiving him to open an account within the financial institution. He additionally accused them of dishonest him of his properties price Rs 12.50 crore.
Uday Kumar Reddy, a former group captain and a Vishisht Seva Medal awardee, has filed a police criticism in opposition to the opposite accused, Tollywood producer Shaik Basheed and IndusInd Financial institution (Shamshabad department) supervisor Okay Ramaswamy.
As per preliminary criticism filed on July 19 by IndusInd Financial institution, Cyberabad police registered a case in opposition to financial institution officers Ramaswamy and Rajesh, and Reddy for allegedly siphoning off Rs 40 crore Aditya Birla Housing Finance Ltd’s (ABHFL) Mumbai account.
As per police probe, the cash was diverted into the account of Reddy from the place it was transferred into a number of accounts throughout the nation. Subsequently, police discovered the involvement of a fourth particular person – Basheed – and arrested him together with Rajesh and Ramaswamy on July 30.
It was after the trio’s arrest that the ex-IAF officer filed a police criticism.
“The IAF veteran got here throughout Basheed a couple of months in the past by way of an actual property agent whereas he was trying to promote his Jubilee Hills property,” mentioned a Cyberabad cop.
In his criticism, Reddy mentioned Basheed projected himself as a rich man and expressed curiosity in shopping for the property. On realizing that the complainant was prepared to promote one other property in Yapral, Basheed satisfied him that he’d purchase each for 12.5 crore.
“Underneath the pretext of this transaction, Basheed satisfied the complainant to open an account in IndusInd Financial institution’s Shamshabad department. The previous additionally referred to as supervisor Ramaswamy who despatched his employees to assist the complainant with the method,” the cop mentioned.
Following an preliminary delay in execution of the sale deed and fee, Basheed knowledgeable the complainant that considered one of his enterprise associates would credit score 40 crore into his account and requested him to permit it.
“He requested the complainant to retain 12.5 crore as fee in opposition to the 2 properties and switch the remaining quantity to completely different financial institution accounts. He roped in Ramaswamy to persuade the complainant,” the cop mentioned, quoting from the criticism.
Subsequently, the complainant alleged he was made to execute the sale deed in a rush with out being given a lot time to undergo the content material.
The ex-servicemen claimed he realised that he was cheated when his account was frozen by the financial institution which advised him that the 40 crore credited to his account had been proceeds of fraudulent transactions.
“As per the complainant, each his cash and properties at the moment are inaccessible due to the fraud. We’re verifying the allegations, and can take motion accordingly,” a police personnel from Cyberabad mentioned.