The fixed deposit scam in Telugu Academy, located in Himayathnagar, Hyderabad, is flaring up a new dispute between Telangana and Andhra Pradesh governments.
After the bifurcation of Andhra Pradesh in 2014, Telugu Academy was placed in the list of common institutions that belonged to both AP and TS.
The assets, liabilities and funds of Telugu Academy should be distributed between AP and TS in the ratio of 52:48 with 52% for AP and 48% for TS in proportionate to the ratio of the population of TS and AP.
But TS government blocked sharing of assets, liabilities and funds for the past seven years. With this, Andhra Pradesh filed a case in the Supreme Court.
The Supreme Court recently on September 15 directed AP and TS governments to distributed assets, liabilities and funds among themselves.
With this, officials initiated the process and found that Telugu Academy has a fixed deposit of Rs 43 crore in Union Bank of India branches in Karwan and Santoshnagar branches in Hyderabad.
When officials went to bank to withdraw deposit and share it between TS and AP, the bank officials informed that Rs 43 crore was withdrawn by Telugu Academy this August itself.
Telugu officials were shocked at this and clueless on who withdrew the amount.
While TS officials say that AP officilas have withdrawn, the AP officials are accusing TS officials of withdrawing the amount secretly and diverted to other accounts.
Telugu Academy officials lodged a complaint with the police on this issue.