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Rs 56 Crore Fraud Uncovered in APMFC

| November 17, 2012 | 0 Comments

CID officials raided the Andhra Pradesh Minorities Finance Corporation (APMFC) office at the Haj House last fortnight, and uncovered a Rs 56 crore scandal. CID officials were acting on the complaint of Dana Kishore, secretary minorities welfare department, who alleged that 55.47 crores is being withdrawn fraudulently from the APMFC account in Vijaya Bank, Koti branch, which was meant
for scholarship distribution for under-privileged Muslim  students. The APMFC had Rs 80 crores as fixed deposit amount in three different branches of Vijaya Bank in Hyderabad. The bank officials informed the APMFC soon, as large sum of money was being withdrawn through 240 cheques in a gap of two days, and credited to the accounts of different institutions. CID officials believe that a fake account in the name of APMFC accounts officer Ahmed Ali was opened to facilitate the fraud. Accountant Ahmed Ali has been suspended after the recommendation of CID on charges that he was not vigilant enough in his duties. A criminal case has been registered for criminal breach of trust, fraud, and criminal conspiracy. The Andhra Pradesh government has transferred APMFC managing director Mohammed Ilyas
Rizvi, a day after the arrest of four people in the Rs.56 crore fraud.
(Two circles.net)

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