The Cyberabad Economic Offences Wing (EOW) has arrested three individuals, including two employees of IndusInd Bank, for allegedly misappropriating funds amounting to ₹40 crore.
Kanugula Ramaswamy and Sapai Rajesh, both stationed at the Shamshabad branch of IndusInd Bank, were taken into custody alongside Shaik Basheed, a Tollywood film producer. The arrests followed a complaint filed by Manikandan Ramanathan, Zonal Head – Operations at IndusInd Bank Limited. The trio allegedly conspired to divert funds into various bank accounts unlawfully.
According to an official from the Cyberabad EOW, “Ramaswamy, serving as the Branch Manager, and Rajesh, the Service Delivery Manager, facilitated unauthorized transactions from the account of Aditya Birla Housing Finance Limited at the bank’s Nariman Point Mumbai branch on July 12. The funds were subsequently transferred to various other accounts.”
The arrests were carried out in stages. Ramaswamy and Rajesh were apprehended in Hyderabad on July 24, while Shaik Basheed was arrested in Delhi on July 29. Basheed, who had previously run as a Congress candidate from the Rajampet Lok Sabha constituency in Andhra Pradesh, has a history of involvement in fraudulent activities, with 10 prior cheating cases registered against him in various locations including CCS Hyderabad, Jubilee Hills, Punjagutta, Banjara Hills, Bowenpally, Narsingi, and Mominpet in Vikarabad.
This high-profile case underscores the ongoing issue of financial fraud and the importance of stringent oversight in banking operations. The Cyberabad EOW’s swift action in apprehending the suspects highlights their commitment to combating economic offences and ensuring justice.
