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Charminar Bank scam: another accused arrested for swindling Rs 33.5 million

Syed Amin Jafri in Hyderabad

Syed Muntazer Mehdi, brother-in-law of late Syed Alamdar Hussain Sajjad Aga, former chairman of Charminar Cooperative Urban Bank, has been arrested for swindling funds to the tune of Rs 33.5 million from the bank.

The Crime Investigation Department, which is probing the multi-billion rupee Charminar Bank scam, arrested Mehdi on Monday.

The CID said that he was running a hotel near ECIL crossroads at Moula Ali on the city outskirts. He had floated a fictitious firm styled as MM Constructions and borrowed Rs 25 million from Charminar Bank. He had also taken a loan of Rs 8.5 million from cash credit account without providing for any security.

The accused had thus swindled Rs 33.5 million from the Bank. The CID said that former city mayor Mir Zulfeqar Ali had offered collateral security of Rs 500,000 for sanction of the main loan.

The role of Zulfeqar Ali is under further investigation, the CID said in a statement.

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