The AP State Minority Finance Corporation (APSMFC), which was embroiled in a fixed deposit scam last year, has found itself in the middle of another fraud. Cheques worth Rs 1.18 lakh meant for low income minority students was siphoned off by scamsters, it was learnt recently.
Thirty-four cheques meant to be disbursed to pre-matric students in Nalgonda district was fraudulently en-cashed allegedly by a peon, Shankar, along with his associate Shafi. Shankar, who was employed on contract basis with the MFC, stole 120 cheques in December last year from the corporation’s office in Nampally.
Shafi, who is said to have good relations with banks, was able to open 34 bank accounts in Syndicate Bank Shah Ali Banda and Bahadurpura branches to withdraw the money. The cheques were valued between Rs 1,000 and Rs 5,000 each.
The incident came to light when MFC received a statement on April 20 from the banks which showed that cheques were presented. Immediately, the officials alerted police, who booked a case and began investigation. Both Shankar and Shafi were arrested by police.
“We had notified the banks when the cheques went missing last December. Despite cautioning them, the banks did not act. We have taken up the issue with the RBI,” corporation vice-chairman and managing director MA Waheed told TOI.
Courtesy: TOI
http://timesofindia.indiatimes.com/city/hyderabad/Another-scam-rocks-APSMFC/articleshow/19733201.cms