Crime Branch of CID made Mr. Mohammed Ilyas Rizvi former Managing Director of A.P. State Minorities Finance Corporation an accused in the recently exposed financial scam.
Additional Director of CID Mr. T. Krishna Prasad permitted to make him an accused in this scam on the enquiry report of Mr. S. Thirumurthula D.S.P. Formal orders would be issued shortly. His name may also be included in the chargesheet. He is also likely to be arrested. In the scam of Rs. 55.47 crore, C.V.K. Sai Kumar, N. Venkataraman, B. Keshava Rao and Naveen Sagar were arrested and fixed deposit receipts were seized from their possession.
Police initially arrested Sai Kumar. On interrogation, he revealed that a sum of Rs. 80 was paid to Mr. Ilyas Rizvi as commission. Keshava Rao acted as a middleman in these transactions.
Crores of rupees were deposited in banks in fixed deposit accounts through Keshava Rao. Sai Kumar misappropriated bank accounts and by introducing one card one nation scheme arranged a grand function in a five star hotel Captain Sourav Ganguly was also invited for this programme.
CID found that Mr. Ilyas Rizvi misused in official powers and permitted to deposit huge amounts in Vijaya Bank as fixed deposits with the help of a middleman Keshava Rao. No note file was prepared for these transactions.
Investigating agency took a serious note of this misappropriation of funds and examined the records of the Minorities Finance Corporation. Govt. suspended Mr. Ilyas Rizvi on the charges of misappropriating the scholarship amounts of the poor Muslim students.
Reliable sources indicated that the investigating agency might arrest Mr. Ilyas Rizvi. It can also file a criminal case without arresting him.
This matter is being considered at higher levels of officers to file a charge sheet against Mr. Rizvi and also for arresting him.
——Siasat News